Lanco Brokerage > Renters

Renters

Why Should I Get Renters Insurance?

If you are a tenant in an apartment or condo, but don’t have renters insurance, your personal property is not protected in the event of a fire or any other peril. The right coverage is crucial for any tenant that wants maximum protection and peace of mind.

What risks Do Renters Insurance Policies cover?

If you are a tenant in an apartment or condo, but don’t have renters insurance, your personal property is not protected in the event of a fire or any other peril. The right coverage is crucial for any tenant that wants maximum protection and peace of mind.

  • Liability protection for accidents in your home
  • Covers personal property from theft, fire, and more
  • Loss of use coverage for temporary relocation following a claim
  • May cover off-premises personal property
  • Landlords or condo associations sometimes require this coverage
  • Optional coverages for valuables like jewelry, art, or electronics that exceed standard coverage limits
Apartment living room covered by renters insurance.

online Government Resources for renters insurance

Lanco Brokerage can answer your questions, but we also encourage you to explore your state’s official insurance resources. For reliable guidance in New York, visit the New York State Department of Financial Services — Renters Insurance page. Those in New Jersey can consult the New Jersey Department of Banking & Insurance. Their Renters Guide PDF has some great general info for people who want a quick and simple guide to renters insurance.

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FAQs

1.) What does a standard renters insurance policy typically cover?

A standard renters insurance policy covers personal property, personal liability, and loss of use. These protections help pay for personal belongings, legal costs, and temporary living expenses. Policies may also include small medical payments to others regardless of fault. Coverage specifics, limits, and deductibles vary by insurer and policy form. Always check the declarations page and policy language to confirm which perils are covered and how losses are valued (replacement cost vs. actual cash value).

2.) Replacement cost vs. actual cash value - what should I choose?

Replacement-cost coverage reimburses you for the cost to repair or replace covered personal property without deduction for depreciation. Actual-cash-value (ACV) pays replacement cost minus depreciation. Replacement cost yields higher payouts at claim time and higher premiums. For many renters, the modest additional premium for replacement cost is worthwhile because ACV often leaves you underinsured after depreciation is subtracted for older items.

3) Is flood damage covered by a renters insurance policy?

No, standard renters insurance policies normally exclude flood losses. You would need a separate flood policy through the National Flood Insurance Program (NFIP) or a private flood insurer. Since a landlord’s policy covers only the structure, renters should consider a contents-only flood policy.

4.) Who pays for damage to the building or structure?

The building owner is responsible for damage to the building structure, its foundation, and permanent fixtures. Their property insurance policy covers all of that. Your renters insurance policy covers only your personal property and your liability, so if a pipe bursts and ruins the walls and your belongings, the building owner's property insurer addresses the building repairs while your policy addresses your possessions and possible additional living expenses.

5.) What is “loss of use” or "additional living expenses" and how does it work?

Loss of use pays reasonable additional costs you incur while your rental is uninhabitable due to a covered peril. Typical payments cover hotel stays, increased food costs, laundry, and sometimes storage and temporary pet boarding. Insurers usually cap additional living expenses by policy percentage, time limit, or a fixed amount. You must keep receipts and document expenses, and if you face an extended displacement, coordinate quickly with your insurer to avoid out-of-pocket surprises.

6.) How should I document my belongings to support a claim?

Document your belongings with a dated photo or video inventory. Keep receipts, serial numbers, and backup copies in secure storage. Keep purchase records for big-ticket items to make proof-of-loss straightforward if you need to file a claim. An organized inventory speeds up the claim process and improves settlement outcomes.

7.) Do roommates need separate policies or can they share one?

Roommates can technically share a single renters insurance policy only if all roommates' names are on it, but the safest practice is for each roommate to carry their own policy. A shared policy can cause disputes over ownership, claims, and premiums. Individual policies reduce management headaches and protect each person’s belongings independently.

8.) Are bicycles, laptops, or other items stolen away from home covered?

Many policies protect personal property even when it’s off-premises. Stolen bikes or laptops taken from your car or office may be covered, but often with lower sublimits and sometimes higher deductibles. Check your policy’s off-premises limits and consider a specific endorsement or scheduled personal property coverage for high-value items to avoid gaps.
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