Harrison Insurance and Financials, Ltd

101 E Bullion St, 2A
Hailey, ID 83333

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Renters Insurance 101: Everything You Should Know

When you’re a renter, you may think you don’t need renters’ insurance. After all, your landlord’s insurance should cover your belongings in the event of a fire or other disaster, right? Wrong. Landlord’s insurance policies typically only cover the structure of the building- not your personal belongings.

That’s where renters insurance from Harrison Insurance and Financials LTD in Hailey, ID comes in. Here we discuss everything you need to know about renters insurance, including what it covers and how to choose the best insurance coverage for your needs.

What Is Renters Insurance?

Renters insurance, also known as tenant insurance, is a type of insurance that protects a renter’s belongings in case of damage or theft. It can also cover the renter’s costs if they need to live elsewhere while the rental unit is being repaired. Many landlords require their tenants to have renters’ insurance, but even if your landlord doesn’t require it, it’s still a good idea. Renters’ insurance is usually pretty affordable, and it can give you peace of mind knowing that your belongings are protected.

What Is Covered by Renters’ Insurance?

Most renters’ insurance policies cover three main things: your personal belongings, your liability, and your living expenses.

Personal Belongings:

Personal belongings are items like furniture, clothing, electronics, and other valuables that you keep in your rental unit. If any of these items are stolen or damaged by a covered event (like a fire or severe weather), your renters’ insurance will reimburse you for the cost of replacing them.


Liability coverage protects you if someone is injured while in your rental unit and you are found to be at fault. For example, if your child accidentally knocks over a lamp and injures someone, your liability coverage would pay for the victim’s medical expenses.

Living Expenses:

If your rental unit is damaged by a covered event and you need to live elsewhere while it is being repaired, your living expenses coverage will reimburse you for the cost of temporary housing. The amount of coverage you have for living expenses is typically a percentage of your personal belongings coverage.

How to Choose the Right Amount of Coverage

The amount of coverage you need depends on a few factors, including the value of your belongings and how much liability coverage you feel comfortable with.

To get an idea of how much coverage you need, make a list of all your belongings and estimate their value. You can use online tools like the Replacement Cost Calculator to help you with this.

Once you have an estimate of the value of your belongings, you can choose a personal belongings coverage limit that meets your needs. You may also consider getting additional coverage for high-value items like jewelry, art, or collectibles. Many renters’ insurance policies limit how much they will pay for these items, so it’s essential to read your policy carefully and ensure you have the coverage you need.

Are You Ready to Purchase Renter’s Insurance?

Now that you know everything about renters insurance, it’s time to find the right policy for your home. Harrison Insurance and Financials LTD in Hailey, ID offers great renters insurance policies that can be customized to meet your needs. Contact us today to get started.

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