Renters insurance is a type of insurance policy that protects the tenant’s personal belongings, lawsuits related to their tenancy (e.g., a tenant’s kid breaks a neighbor’s swing set, and the neighbor sues), and medical expenses for injuries incurred on the property.
At minimum, renters insurance typically covers damage to the tenant’s personal belongings from vandalism, destruction, loss, and natural disasters (though flood insurance is typically an additional cost).
Policygenius reports the following common coverage amounts for each type of coverage in a renters insurance policy:
According to Nerdwallet, the average renters insurance cost is about $14/month (or $168/year).
TurboTenant partners with Sure to offer renters insurance for $8/month.
Each landlord can decide whether or not to require renters insurance, but we recommend having your tenant enroll in a renters insurance policy as a condition of the lease agreement. According to the latest figures from the Insurance Information Institute, only 37% of renters held renters insurance.
Landlords benefit when their tenants have renters insurance for a multitude of reasons. Renters insurance allows landlords to:
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