Many tenants assume their landlord's property policy protects personal belongings inside the apartment. Landlord insurance covers only the physical building structure.
The National Association of Insurance Commissioners reported in their 2021-2022 data release that the average annual HO-4 renters premium was $170. An HO-4 policy covers personal belongings and personal liability against specified perils.
Policies typically include Coverage D loss-of-use protection set at a 20% baseline of your total personal property limit. If a covered incident makes your apartment uninhabitable, loss-of-use pays temporary living expenses.
Protecting your personal assets costs under $15 a month on average.
What reason did your landlord give when requiring proof of renters insurance, if they ever asked?
