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Murphy Insurance2026-08-03 07:00:232026-05-21 12:46:40Do College Students Need Renters Insurance?Renters Insurance is a policy designed to protect individuals renting a home or apartment. While the landlord’s property insurance typically covers the physical structure of the building, it does not cover the tenant’s personal belongings or liability within the rented space.
Protection For Your Possessions and Your Liability
Renters need to purchase their own policy for their protection. Renters insurance is relatively inexpensive and gives you substantial coverage. Plus, you may save money on your car insurance, which means having this vital protection will cost you even less.
Personal Property Protection
It provides for the repair or replacement of your personal property in the event of specific risks or “perils” outlined in the policy. Common perils named on most renter’s policies include:
- Fire – including damage from smoke and water used to put out a fire
- Weather – lightning, windstorms, hailstorms, tornadoes
- Accidental Discharge of Water
- Electrical Surge Damage
- Explosions
- Glass Breakage
- Falling Trees and Objects
- Collapse of Roof or Walls
- Damage by Vehicles
- Theft or Burglary
- Vandalism and Malicious Mischief
NOTE: Renters insurance does not cover floods. You need a Flood Insurance policy to protect your personal property.
Liability Protection
What happens if a visitor slips on a wet floor and breaks their hip? Your renters insurance policy will protect you if you’re found responsible for unintentional injuries to another person or damage to property. This protection applies to all family members living in your household and covers whether an accident occurred on your property or elsewhere. Liability protection covers medical expenses and other compensation awards for injuries. It also covers the legal costs to defend you in a lawsuit for a covered liability incident. Even if you are ultimately found not liable, the lawyer fees and court costs alone could be substantial and financially devastating, so this protection is valuable.
Determining Your Needs
Answering these questions can help you determine your insurance needs. If you need more details, a Murphy Insurance professional can assist you.
- How much will it cost to replace or repair the contents of my apartment?
- Do I need replacement cost rather than actual cash value coverage protection for my personal property?
- Do I need flood insurance?
- How much protection should I have to cover liability and medical expenses for visitors who are injured on my property?
- Do I have valuable items that could exceed the limits in my policy that I should “schedule,” such as jewelry, fine art, antiques, electronics, or other special items?
- Do I need extra protection to cover my home business contents and liability for meeting clients at my home?
Special Discounts for Renters Insurance
Insurance companies provide discounts in certain qualified situations. Based on your information, your trusted professional works to maximize all discounts you are eligible for. These may include discounts for:
- Auto and Renters Package Discounts
- Central Station Fire & Burglar Alarms
- Smoke Detectors
5 Things To Consider When Buying Renters Insurance
- Create an Inventory: Documenting what you have and estimating the replacement cost helps determine how much coverage you need.
- Choose Replacement Value: Personal items depreciate fast, and you’ll generally have to buy new ones. For a few extra dollars, you should make sure to choose “replacement value,” not “actual value.”
- Take Advantage of Discounts: You will be eligible for a discount on your auto policy if you purchase a renters insurance policy from the same company. Having a fire safety or security system may also provide discounts.
- Review Limitations: If considering options, understand what is and isn’t covered for a proper comparison. We recommend at least $500,000 in liability coverage. Be sure you can afford the deductible you choose.
- Get Medical Payment Protection: This is important if someone is injured at your home and needs to go to the emergency room. This is “no-fault” coverage, and it pays out without having to go to court to determine fault. It can avoid a messy situation if a friend is injured at your home to help maintain your friendships without hard feelings.
Insurance Companies
At Murphy Insurance, we work with top rated insurance companies and compare options to find the best balance of cost and coverage that meets your needs.
Read Our Renters Insurance Blog Posts
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Murphy Insurance2026-08-03 07:00:232026-05-21 12:46:40Do College Students Need Renters Insurance?
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Murphy Insurance2026-05-26 07:17:232026-05-21 12:57:39Common Renters Insurance Myths, Busted for Massachusetts Renters