This is the coverage renters skip most and regret fastest. Your landlord insures the building. Nothing in their policy covers your furniture, your electronics, your clothes, or a liability claim against you, and if a kitchen fire that started in your unit damages the rest of the building, you can be held responsible for it.
Renters insurance is usually one of the least expensive policies a household can carry, and an increasing number of Indianapolis leases now require it.
What renters insurance covers
- Personal property: your belongings, against fire, theft, vandalism, water damage and storm damage. Coverage generally follows your things outside the apartment too, including in your car.
- Personal liability: injuries to guests and damage you cause to the building or to neighboring units.
- Loss of use: hotel and living costs if your unit becomes uninhabitable while it is repaired.
- Medical payments: minor guest injuries, handled without a full liability claim.
Working out how much you need
People consistently underestimate this. Add up what it would cost to replace a full apartment of furniture, a bed, a television, a laptop, a wardrobe and a kitchen from scratch, at today's prices, and the number is usually several times what people guess. We will walk through it with you rather than picking a round figure.
Ask for replacement cost rather than actual cash value if it is available. The difference is what a five-year-old laptop is worth today versus what a new one costs.
If your lease requires proof
Many leases specify a minimum liability limit and require the property manager to be listed as an interested party. Send us the requirement and we will make sure the policy is written to satisfy it and get the certificate to your landlord.