Renters Insurance: Are You Protected?

Woman and man smiling and sitting on the floor among packing boxes. Sandy Spring Insurance.

Just because your landlord has insurance coverage doesn’t mean that you do too. In most cases, your landlord's insurance policy covers only structural damage to the building itself. If the structure goes up in flames, your landlord's coverage would include repairs to the building, but would not reimburse you for your damaged or destroyed possessions. 

Renters insurance provides protection against both property loss and liability should you have injury or property damage. To learn more about what that means, we’ve covered some basics about each.

Property Protection
Renters insurance covers your possessions against damage from mishaps such as fire, smoke, lightning, vandalism, theft and water damage. It also covers property that is stolen from your car or lost or damaged anywhere you happen to be. It’s important to note that standard policies do not include flood insurance. Be sure to add that coverage to your policy should you live in an area prone to flooding.

There are two personal property coverage options to choose from: replacement cost value or actual cash value. We recommend insuring your personal property for its replacement cost value, so you can replace yesterday’s purchases at today’s prices.

Liability Coverage
In addition to protecting your personal property, renters insurance also protects you in the event that you are responsible for injury or property damage. That means you’ll likely be protected if someone slips and breaks his ankle at your annual birthday bash. 

Liability also provides coverage for legal defense costs and judgments in a lawsuit, whether the incident occurs within your rented residence or elsewhere.

Is Coverage Affordable?
Because renters insurance covers only the value of your belongings, not the building, the premium is relatively inexpensive. For about the same cost as going to the movies once a month, you can gain peace of mind, regardless of life’s unexpected events.

To learn more, contact the Sandy Spring Insurance team of experts at 410.897.5800 to discuss ways we can help protect you and your personal belongings. You can also visit us at

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Wealth and Insurance products are not FDIC insured, not guaranteed, and may lose value. 

Insurance provided by Sandy Spring Insurance, an affiliate of Sandy Spring Bank.

This material is provided solely for educational purposes and is not intended to constitute tax, legal or accounting advice, or a recommendation for any particular transaction.