Renter’s Insurance: The BasicsWest Village New York City apartments in the springtime

One of the most overlooked things that roommates tend not to do is purchase renter’s insurance. The costs are usually quite minimal and certainly worth considering as most landlord’s insurance policies do not cover their tenant’s belongings and more.

Both the HO-4 (renters) and HO-6 (condo owners) policies cover losses to your personal property from the following perils:

  • fire or lightning
  • windstorm or hail
  • explosion
  • riot or civil commotion
  • aircraft
  • vehicles
  • smoke
  • vandalism or malicious
  • theft
  • damage by glass/safety-glazing material that is part of a building
  • volcanic eruption
  • falling objects
  • weight of ice, snow or sleet
  • water related damage from home utilities
  • and electrical surge damage


You may notice that floods and earthquakes are not on the list of covered perils. If you live in an area that is prone to them, we encourage you to to buy a separate policy or a rider on your renters insurance.


Renter’s Insurance comes with additional benefits:

There are certain things that don’t immediately come to mind – at least not until they happen. For example, waterbed liability is a standard provision in most policies, so if you own a waterbed, relax, we’ve got you covered.


Liability protection is also standard with most renters policy, so if someone slips and falls (in your apartment) you’ll be covered. Suppose the person who took the spill decides to sue you, you’ll be covered for what they win in court up to your policy’s limit along with legal expenses.

Your premium depends on a number of factors:

  • where you live,
  • your deductible,
  • our carrier
  • and any additional coverage you may need

A standard renters policies without any additional coverage can cost you as low as $150 and $300 for annual coverage.

So before you go into your next roommate situation, prepare for the unforeseen and you’ll be starting off on the right foot. Nobody wants to file a claim or have one filed against them simply because there was no insurance coverage. Even though insurance is an “intangible”, you’ll be buying yourself peace of mind and protecting not just your valuables, but perhaps even friendships as well.