Auto Home Insurance
What a renters policy pays for, replacement cost versus actual cash value, the sub-limits that catch people out, and how to file a contents claim.
1
Your landlord's policy covers the building. It covers nothing you own and nothing you are liable for.
2
The liability coverage is the underrated half. It follows you, not just your apartment.
3
Always choose replacement cost over actual cash value. The price difference is small and the payout difference is large.
4
Jewellery, electronics and cash have low sub-limits regardless of your total coverage. Schedule valuables separately.
For most renters, yes, on price alone. Typical policies cost a modest amount each month for tens of thousands in contents coverage and usually $100,000 or more of personal liability.
Not unless they are named on the policy. Coverage extends to you and generally to relatives living with you, but an unrelated roommate needs their own policy.
Read the full guide