Your Home column: How Renter’s Insurance Can Benefit You

Many renters are under the impression that their landlord's insurance policy will cover their belongings, unfortunately that generally is not the case. Your landlord's policy covers the building itself, but it may not include your personal belongings, and may not cover injuries sustained within the structure.

That's where renters' insurance comes in.

Renter's insurance typically covers damage or loss from threats such as fire, smoke, windstorms, lighting, hail, rain and snow damage, theft, and vandalism.

How Does Renter's Insurance Work?

If you experience a covered loss in your rented space, renters' insurance can help to cover the associated costs. The amount covered will depend on the type of loss that occurred and the amount of coverage you have.

Also known as tenants' insurance or an HO-4 policy, renters' insurance is similar to homeowners' insurance but designed for people who don't own their own place. At about $15 a month on average, renters' insurance is much cheaper than homeowners' insurance, according to NerdWallet's rate analysis. That's because it covers what's inside your home only and not the structure. It's better to be safe than sorry.

If you are looking to obtain a renter's insurance policy, contact DPA Insurance Services for a free quote and an explanation on what renter's insurance can cover for you! If you have questions or any other insurance needs, feel free to reach out to Nik at DPA Insurance Services, 402-682-1691.