Renters insurance: what it covers and how much you need

Renters insurance covers your belongings and your liability, not the building. Your landlord's policy covers the structure; it does not pay for your stuff or for someone hurt in your unit.

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• Average renters premium: $171/year (2022, NAIC via Triple-I).
• Personal property: pays to replace belongings stolen or destroyed by covered events like fire, smoke, theft or burst pipes, including items away from home.
• Liability: pays legal costs and damages if you injure someone or damage their property; liability limits generally start at about $100,000.
• Loss of use (additional living expenses): pays the extra cost of living elsewhere while a covered loss is repaired.
• Not covered by standard policies: flood and earthquake (separate policies), and your roommate's things unless they're named on the policy.

Replacement cost vs. actual cash value

Replacement cost pays what it costs to buy the item new today. Actual cash value subtracts depreciation, so a 5-year-old laptop pays far less. Ask which one your policy uses.

Special limits

Standard forms cap some categories per loss, for example $200 for cash and $1,500 for theft of jewelry and watches in the ISO HO-3 sample form. Items worth more need a scheduled endorsement (floater).

Sources: Triple-I homeowners insurance handbook; ISO HO-3 sample policy (Triple-I); Triple-I facts and statistics.

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