The Importance of Renters Insurance

NOTE: If you take possession of your apartment without a renters insurance policy, you will be doing so at your own risk, and you will be in breach of your lease!    

Per their lease agreement. every tenant who lives at King & Queen Apartments is required to purchase a renters insurance policy.

You probably do not realize the importance of renters insurance. You may not think you need any insurance at all. (The landlord already has insurance on the building, right?) However, a landlord’s policy does not cover any of your personal property. So, what would happen if:

  • Your apartment building burned down?
  • Your apartment suffered water damage?
  • A thief broke into your apartment?
  • A guest slipped and was injured in your kitchen?

Without renters insurance, you have no coverage for personal property loss or damage.  A renters insurance policy provides protection for your personal property, such as clothes, furniture or electronic equipment, in case of perils like fire, theft, wind damage from a hurricane, water leaks, etc. Fortunately, you can get affordable renters insurance (also called apartment insurance) to help protect you in situations like these.

Parents’ should never assume that their homeowner’s insurance will cover off-campus housing.

According to GEICO:

“Many parents mistakenly believe their homeowner’s provides all the coverage their children will need when away at college, but unfortunately this isn’t always the situation, especially if they live off campus.

Here is what parents and college students should know about apartment insurance, also known as renters insurance:

  1. Check your parents’ homeowners policy. Some policies provide coverage if you are listed as a dependent on your parents’ policy and live on-campus, but you might not have coverage if you live off-campus.
  2. Check into renters insurance. It’s affordable and protects your personal property including computers, electronics, furniture and other valuables even if you’re living off campus. 
  3. Don’t risk being under-insured or without coverage because you mistakenly forgot to update your insurance when moving off-campus or forgot to purchase insurance after you were no longer eligible for coverage under your parents’ policy. Renters insurance is inexpensive and easy to obtain.
  4. Keep your receipts. In the event of a loss or claim, you will need proof of what items you own. Serial numbers, photographs and receipts will help document your loss should the need arise.”

King & Queen Apartments requires its tenants to have their own renters insurance, as well as, liability and other coverage in order to reduce their total risk exposure.

King & Queen Apartment’s Lease Agreement states:


a. Renter’s Insurance. All personal property placed in or about the Dwelling Unit or the Premises shall be at the sole risk of Tenant or the parties owning the same, and Owner shall not be liable for the loss, destruction, theft of, or damage to such property. Owner is not an insurer of Tenant’s person, property or security. Except to the extent that it may be required by Virginia law, Landlord shall not be liable for any bodily injury or property damage suffered by
Tenant or Tenant’s guests or invitees either in, on or near the Dwelling Unit or Premises including, but not limited to, the public street or public or private parking places. Tenant should be responsible for its own and its guests’ and invitee’s security and property.


No possession of the Dwelling Unit and Premises will be granted until proof of insurance is provided.

Tenant must carry minimum liability coverage of $300,000.”

According to the National Association of Insurance Commissioners (NAIC):

“The premiums for renters insurance average between $15 and $30 per month depending on the location and size of the rental unit and the policyholder’s possessions.”

A good renters insurance policy will provide coverage for any damage caused by negligence, as well as, additional living expenses.

This coverage usually includes the reasonable increase in living expenses necessary to maintain your normal standard of living when a direct physical loss that is covered by the policy makes your residence uninhabitable for up to the amount of time specified in the policy.  Such expenses may include payments for the additional costs of a place to stay, food and other increased living expenses.

Unintentional bodily injury or property damage that you cause to others could be as financially damaging to you, such as a fire in your apartment.  Compared to the amount of property you could stand to lose and the cost of living expenses in the event of a severe loss in your apartment, renters insurance is very cheap.

For further information about a renters insurance policy or specific coverage, contact your current insurance provider – often the insurer offers a discount if you carry all your policies with the same company.