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Ask an Agent: What is Renters Insurance?

Published: July 2016

Renters insurance typically provides a number of coverages to people renting a house or apartment. For instance, personal property coverage may help protect your belongings, while liability protection may help if you're ever held legally responsible for an accident.

Allstate agent Jose Fernandez tells the story of one customer who left the faucet running while she was away from home — causing serious water damage to a neighboring apartment — and how her renters insurance helped her pay to repair the resulting damage.

Video Transcript

0:06: I'm Jose Fernandez, and I'm an Allstate agency owner with an office in Chicago's Irving Park neighborhood.

0:13: Today I'm talking about renters insurance, which usually provides three main types of coverage:

  • Personal property coverage for your belongings
  • Additional living expenses that you may have after a covered loss, or
  • Liability protection, in case you are found legally responsible for injuries to someone else or damage to their property

0:32: I can think of one example when liability coverage helped a mother living in an apartment building with her son. One day she was bathing him when she realized they were running late for school. She rushed to get him there on time, but she forgot to shut off the faucet in the bathtub.

0:50: An hour and a half later, she got a call from the building manager saying there was water pouring into the apartment below hers.

0:58: In her apartment, the water caused $5,000 in damage to the bathroom floor and drywall. The apartment below was worse — the walls and the drywall were damaged, and the cost to repair them was another $20,000.

1:13: This customer called me to ask what she needed to do to resolve this. I was able to give her good news. Her renters insurance policy included enough liability coverage to pay for the repairs to her apartment and the apartment below.

1:27: If she didn't have liability coverage through her renters insurance, she likely would have had to pay out of pocket for the damages.

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Coverage subject to terms, conditions, and availability. Policy issuance is subject to qualifications. Allstate Insurance Company, Allstate Indemnity Company, Allstate Fire and Casualty Insurance Company, Allstate Property and Casualty Insurance Company, Northbrook, IL. © 2016 Allstate Insurance Company, Northbrook, IL.

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