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Updated at 2018/07/12

Renters insurance does not require the policy owner to have a lease. For example, many college students acquire renters insurance policies to cover their personal property while they are living in dormitories. The renters insurance can also cover personal property while the goods are in storage or during travel.

What Is a Renters Insurance Policy?

Renters insurance is a form of property insurance that typically offers protection from losses due to theft, fire or windstorm. A renters insurance policy covers items such as furniture, clothing, computers, phones, jewelry, cameras and bicycles.

Take an Inventory of Your Personal Property

Before making a decision on renters insurance, take an inventory of your personal property and the estimated value of each item. Consider ways to minimize theft and damage by doing a risk assessment of the property. If there are high-value items on your personal property list, ask the insurance company about a separate rider for such unique items as jewelry or antiques.

Cost and Coverage of Renters Insurance

Renters insurance policies may vary in cost depending on the type of coverage and the amount of the deductible. Renters insurance offers either replacement cost or actual cash value coverage. The insurance premium will be higher for replacement cost coverage, since the payout for the claim is based on the current cost of a new item. As with most insurance policies, a higher deductible means lower premium costs.

Information Needed for the Application

Before applying for a renters insurance policy, gather the following information that may be required on the application form:

• Identify the location and address where the personal property will be held.

• Estimate the current value and replacement cost of the personal belongings.

• Find out if the location where the personal property is held has security alarms and fire alarms.

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