It is one of the most commonly repeated myths about insurance. Renters don’t need insurance because their landlord’s policy provides coverage for the renters’ property.

It doesn’t. Further, if someone slips and falls in your apartment or rented home, your landlord’s insurance usually won’t provide any coverage for you if you are sued.

Even though you don’t own your own home you have personal property that can be lost to fires, burglaries and even lawsuits.

While most homeowners are insured for these risks, many renters are not. No one requires renters to buy insurance to protect their personal property, so many do not.

These are some of the types of losses for which your personal property is covered:

• Theft
• Vandalism
• Smoke, if sudden and accidental
• Sudden and accidental discharge of water or steam from plumbing, heating, or air-conditioning system, or household appliance
• Fire or lightning
• Windstorm or hail
• Loss of use

If you rent a home or a mobile home, you need special protection. Our plans can cover you from almost any kind of hazard. You can be protected against damage to the home or adjacent structures and your contents as well.

Actual Cash Value vs. Replacement Cost for renters
Like homeowners insurance, there are two options for covering your possessions:

• Actual cash value, which is the replacement cost of an item minus depreciation.