Tenant Renters Insurance
What is Renters Insurance?
Renters insurance is a type of property insurance that protects your belongings and liability in an apartment or other rental property. It can help cover the cost of replacing your personal items, as well as legal fees and additional living expenses if someone is injured at your rental or if your unit is damaged.
Why Rental Insurance is Important for Renters
- Protects Your Belongings: While the landlord’s insurance covers the building itself (like the structure), it typically doesn’t cover your personal belongings. Without renters insurance, you could lose everything if there is a fire, burglary, or other unforeseen event.
- Liability Coverage: Accidents happen. If you accidentally damage property or someone gets hurt in your apartment, you could be held financially responsible. Renters insurance protects you from these potentially expensive situations.
- Affordable: Renters insurance is relatively inexpensive, often costing just $10-$30 per month, depending on your coverage and location. For the protection it offers, it’s an affordable way to safeguard your financial well-being.
- Landlord Requirement: Some landlords or apartment complexes require renters insurance as part of their lease agreements. Even if not required, it’s still a smart choice to have coverage.
- Peace of Mind: Knowing that you’re covered in case of a disaster—whether it’s your fault or not—can provide significant peace of mind. It removes some of the stress that can come with renting, especially in uncertain situations.
What Does Renter’s Insurance Cover?
Renters insurance typically covers the possibility of damage from things like:
- Fire
- Smoke
- Lightning
- Wind
- Water from pipes
- Theft
- Vandalism
It may also cover any costs associated with living somewhere else while your unit is being repaired.
How Much Does Renter’s Insurance Cost?
It could cost you as little as $15 to $30 a month, according to the National Association of Insurance Commissioners. The Maryland Insurance Administration publishes a Renters Insurance Comparison Guide (PDF) which you can access online.
City of Takoma Park Rental Rebate Program
The City of Takoma Park Rental Assistance Program provides a one-time rebate to low-income renters who purchase at least 6 months of renters insurance.
You can qualify for the program if:
- You rent a home within the City Limits. You can check if you live within the City online using the Ward Map & Street Directory web page.
- Your household income is 30 percent of the area median income (AMI) or less.
- The renters’ insurance was purchased or became effective in the past 60 days.
- The renter’s insurance policy is valid for at least 6 months
To apply for the program, please complete the application found here: LINK and a City Staff member will reach out to you. Applications are on a “first come” basis while program funds are available.
