Renter’s Insurance — what you need to know and why you should look into it

what is renters insurance.1

For those of you who rent or are thinking about renting a house or apartment, have you ever considered what would happen to your belongings if something was to happen to your living space? If there was a flood, a fire, a landslide, what would replace the items that you worked so hard to acquire?

Homeowners insurance, which is what your landlord has, protects the physical structure of the home, but it has no coverage over your furniture, electronics, clothes, etc. So what can protect renters when it comes to our earthly possessions? 

On a poll ran on Instagram, 92 renters replied and we found the following:

  • 24 out of 92 people have roommates
  • 19 out of 92 people didn’t know what renters insurance was 
  • Only 17 out of 92 had renter’s insurance
  • 8 out of the 17 who had renter’s insurance didn’t know what it was or what it did to benefit them

So, let’s start with the biggest question, what is renter’s insurance?

According to Johnson Insurance, it is an insurance that “protects your contents and your legal obligations to visitors and the owner of the home”.

Let’s start by breaking down that definition. RBC’s breakdown of tenant’s insurance simplifies everything. 

For your personal belongings, tenant’s insurance “protects you financially against insured damage or loss to furniture, clothing and other personal property inside your rental home or vehicle.” Meaning if your apartment flooded and your belongings were ruined, your coverage will protect you from having to pay out of pocket for the items you lost. 

For personal liability, insurance “helps to protect you financially if you accidentally cause property damage or bodily injury to others at home or anywhere in the world”. So, if someone slipped in your driveway, your insurance would protect you financially from any claims against you for bodily harm. Or, if you accidentally damaged the home you were renting, your insurance would cover the cost to fix it.

Finally, for living expenses, renters insurance, “helps cover expenses like moving costs, a hotel room and more if you can’t live in your rental while repairs are being made after an insured loss”.  If you were displaced from your home for a significant period of time because of flood, fire, etc., your insurance would cover the cost for you to move, or stay in a hotel. 

It’s also worth noting that your renter’s insurance wouldn’t cover your roommates. Each of you would have to have your own individual policy to cover yourselves. 

As well, depending on the company you’re with, this insurance can be bundled with your auto insurance, which will lessen the cost.

If you think about all your possessions and how much it would cost to replace everything if it were damaged, renter’s insurance is something that, as a university student, you might want to look into. 

It’s always important to protect yourself — whatever way you can. 


  • “Do I Need Insurance If I Am a Tenant?” Do I Need Insurance If I Am a Tenant? | Johnson Insurance,
  • “Make Sure You’re Covered with the Right Tenant Insurance.” RBC Insurance,
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