Renters insurance is a key coverage if you’re renting an apartment or house. Renters insurance covers your rental unit, and the personal property within it, against a number of perils, including vandalism, wind damage, theft, or fire. Given the reasonable likelihood of a damaging incident, the affordability of rental coverage, and the potentially high cost of replacing your belongings, a renters insurance policy is a solid investment.
The cost of your renters insurance will rely on a number of contributing factors, including the building’s age, its material constitution, its geographic location, and the pricing rules of your insurance company. In areas prone to hail, fire, lightning, or damaging wind, renters insurance could be more expensive to account for the extra risk.