Renters Insurance Frequently Asked Questions

Renters insurance is often mandated when leasing an apartment, and if so, it is documented along with other stipulations in the property's Terms and Conditions.

1. What is renters insurance?
   Renters insurance is an insurance policy that provides financial protection for your personal property from loss or damage and liability coverage for loss or damage to other’s property.
   Property Protection: The policy is intended to protect your personal belongings up to your chosen limit, typically from $10,000 - $75,000, against events such as fire, theft, wind and water.
   Liability Property Protection: The policy typically includes up to $100,000 of protection in the event of a covered loss as the result of accidental or negligent actions.
   Liability Animal Protection: If you own a pet, animal liability, such as a dog bite, may be covered up to $10,000 (not all states).
   Temporary Living Expenses: Your policy can reimburse you for additional living expenses such as temporary housing, restaurant meals and relocation expenses.


2. Does my property manager’s insurance policy cover my personal property?
   The property manager or owner of your residence is not responsible to reimburse you if your personal belongings are damaged, destroyed or stolen.


3. Why do I need renters insurance anyway?
   The following are real-life scenarios where renters insurance can help you:
   
   A fire in the apartment below yours destroys your furniture, TV, electronics and your clothes. Without renters insurance, you will have to pay to replace it all out of your own pocket!
   
   A water pipe breaks in your residence, through no fault of your own, and your personal possessions are damaged or destroyed. The property manager’s insurance is not responsible for repairing or replacing your property. Your renters insurance policy provides coverage for your belongings.
   
   What if you or one of your family members causes a fire or water leak that damages or destroys another resident’s personal property? Without a renters insurance policy, you can be held financially responsible to replace their property.
   
   If your home is broken into and your belongings are stolen, a renters insurance policy can provide coverage to help you replace your property.


4. Does AvalonBay offer renters insurance or do I have to bring my own?
   Our seamless move-in process will allow for you to either add your existing renters insurance policy to the lease or obtain renters insurance to cover liability or liability and personal contents.