Renter's Insurance: Do You Need It?

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Almost everyone – from young educators starting their first jobs to established people who just don't want the hassle of owning a home – has rented. When you move in, you probably have dozens of things on your mind. How should I decorate my new bedroom? Where can I find a cheap couch? Should I add blinds or curtains to the living room window? But what you may not be thinking about could be the most important – renter's insurance.

Renter's insurance provides coverage against damage or loss of personal property to people who rent a living space, such as an apartment, house, townhouse or condo. Renter's insurance can also provide:

  • Personal liability protection, which can protect you from legal claims against you.
  • Premises medical coverage, if someone is injured on the property you rent.
  • Additional living expenses, in case your rental space is deemed unlivable.

To find out what is covered under your policy, contact your licensed insurance agent.

Myths About Renter's Insurance

 Are some of these assumptions stopping you from buying insurance? Know the facts or it could cost you in the end.

"My landlord will cover damages." Although landlords of rental communities have insurance, it generally only covers the building. It will not cover the loss of your personal property. Renter's insurance typically covers stereo systems, VCRs, TV sets, CDs, DVDs, cameras, movable appliances, furniture, china and glassware, books and clothing.

"My stuff isn't worth enough to insure." You may be surprised at how much it would cost to replace all the things you've accumulated. According to Insurance Journal, the average renter's belongings total over $20,000. And with the popularity of laptops, iPods and expensive cell phones, replacing your personal property can cost you a bundle.

"Renter's insurance costs too much." Renter's insurance can be relatively inexpensive compared to the amount you may have to pay if you don’t have it and disaster strikes. And you may receive a discount if you have safety features in your home like fire extinguishers, sprinkler systems or dead bolts on exterior doors. Talk to your insurance agent for details.

Insurance coverage can vary by insurance company and type. Contact a licensed insurance agent for more details.

CTA Home Insurance Program

It's good to shop around for renter's insurance. CTA’s renter's insurance program is offered through California Casualty. For a quote or more information, call 1-866-680-5142, or visit