Landlords frequently require tenants to purchase renter’s insurance. While the landlord will have insurance on the property in case it is damaged or lost, they do not insure the contents (furnishing, appliances, electronics, clothing and other personal items) of their tenants.

In addition, people who visit tenants are not typically covered by the insurance that a landlord has on the building. Tenants are required to have slips, trips and falls liability insurance in case a visitor (invited or uninvited) is injured on the property.

Renters looking for a policy need to consider what it would take to replace everything in the event of a disaster, like a fire. Policies are available to purchase so that you could replace at today’s rates, or you could purchase a policy that would provide some additional coverage for inflation if you had to actually replace everything.

Most renter’s insurance policies cover losses due to fire or smoke, lightning, vandalism, theft, explosion, windstorm and certain types of water damage. They do not cover floods, earthquakes or natural disasters.

In addition, you may want peace of mind to know that your renter’s insurance will cover you for a temporary housing situation if you have to relocate while looking for a new place to rent.

You may also want include special coverage for certain contents in your home such as electronics, jewelry, antiques, silverware, collectibles or fine china.