Insurance brochure


Renters Insurance

Be sure your personal property is covered

What does renters insurance cover?

A renters insurance policy provides protection for your personal property, such as furniture or electronic equipment, in cases like fire or theft.

Renters insurance also provides liability protection for unintentional bodily injury or property damage.

Does my policy cover damage to the building I’m renting in?

Renters typically have no need to provide insurance protection for the building. The building owner’s insurance covers damage to the building and that cost is built into your rent.

Doesn’t my landlord’s insurance cover me?

Your landlord’s policy does not cover your personal property. The home or commercial property insurance policy your landlord carries insures the landlord’s property, not yours. If a fire or other disaster destroys your possessions, you could suffer a significant financial loss unless you have renters insurance.

Is coverage affordable?

A common misconception regarding renters insurance is that it’s expensive. In fact, it’s extremely inexpensive. Even if you feel your possessions are fairly modest, losing even one big ticket item or lots of smaller possessions at one time could be financially devastating. Unless you have enough money saved to replace everything you own—clothes, furniture, computer, entertainment system, microwave, etc.—renters insurance is definitely worth the cost.

Prices vary according to the amount of coverage and the deductible you choose, as well as certain risk factors like where you live.

What should I look for in a renters insurance policy?

Liability protection. Unintentional bodily injury or property damage that you cause to others could be as financially damaging to you as a fire in your apartment. Liability protection against accidental occurrences (such as someone slipping on a wet floor and breaking an arm) comes standard with renters insurance policies.

Replacement cost coverage vs. actual cost. Be sure to look for replacement cost coverage. Instead of covering the actual cash value of your belongings, replacement cost coverage will pay the full amount to repair or replace your belongings. For example, let’s say you bought your bike three years ago for $2,000. Actual cash coverage will pay you for the depreciated value of the bike—maybe a couple hundred dollars. Replacement cost coverage will reimburse you for the complete current cost of buying a new bike.

You may be eligible for discounts on both renters and auto insurance when you purchase both policies from WEA Member Benefits.

Call one of our consultants at 1-800-279-4030 for a free insurance consultation and comparison quote.

WMBT 4088-290-1023 (W)

Effective October 2023. Policies and programs described are subject to change at any time.