Your Landlord's Policy Doesn't Cover You — Renters Insurance Does

What Renters Insurance Actually Covers

Renters insurance is built around three core protections that your landlord's property policy will never extend to you.

• Personal property: Covers your furniture, electronics, clothing, and other belongings if they're stolen, damaged by fire, or destroyed by a covered event — even when you're away from home.
• Personal liability: Pays for legal costs and damages if someone is injured in your rental or if you accidentally cause damage to someone else's property.
• Additional living expenses: Covers hotel stays, meals, and other costs if your rental becomes uninhabitable due to a covered loss.
• Medical payments: Helps cover medical bills for guests injured on your property, regardless of fault.

Most renters policies also extend coverage to belongings stored in your car or kept off-premises — a detail that surprises many first-time policyholders.

Why Renters Insurance Costs Less Than Most People Expect

The average renters insurance policy in the United States costs between $15 and $30 per month, according to industry data — often less than a single streaming subscription. Despite that, roughly 55 percent of renters in the U.S. carry no renters coverage at all.

The gap usually comes down to two misconceptions: that renters insurance is expensive, or that the landlord's policy provides some protection. Neither is true. Your landlord insures the building. You are responsible for everything inside it.

At Grady Wright & Associates, we've been placing personal lines coverage since 2000. We compare options across our carrier network so you're paying only for what you need — and not leaving gaps that could cost you far more later.

Who Should Carry Renters Insurance

Renters insurance isn't just for furnished apartments or high-value households. It's the right move for a wide range of renters across the DMV and mid-Atlantic region.

• First-time renters who want basic protection without a large monthly commitment
• College students living off-campus in Maryland, Virginia, or D.C.
• Professionals relocating to the region who are renting while they settle in
• Households with high-value electronics, instruments, or specialty equipment
• Anyone whose lease requires proof of renters insurance before move-in
• Renters in flood-prone areas who want to layer flood coverage alongside a standard policy

If your lease requires renters insurance, we can turn around a policy quickly so you meet your landlord's deadline without rushing into the wrong coverage.

A Few More Things Renters Should Know Before They Sign a Lease

Before you hand over a security deposit or sign on the dotted line, a few details about renters insurance are worth understanding — because the time to sort out coverage is before you move in, not after something goes wrong.

• Your lease may already require it. Many landlords and property management companies in Maryland, Virginia, and D.C. now require tenants to carry a minimum level of renters insurance as a condition of the lease. Check before you sign so you're not scrambling at move-in.
• Replacement cost vs. actual cash value matters. Policies that pay actual cash value reimburse what your belongings are worth today — after depreciation. Replacement cost coverage pays what it actually costs to replace them new. The premium difference is often small; the claims difference can be significant.
• Your deductible affects your monthly cost. Choosing a higher deductible typically lowers your premium. If you have an emergency fund and are comfortable absorbing a small loss out of pocket, a higher deductible can make sense.
• Standard renters policies don't cover flood. If your rental is in a low-lying area or near water, a separate flood policy is worth considering. We can help you layer that coverage alongside your renters policy.
• Roommates are usually not automatically covered. Unless a roommate is specifically named on your policy, their belongings and liability are generally not protected under your coverage. Each person typically needs their own policy.
• Moving doesn't have to mean a gap in coverage. If you're relocating within the region, we can update or transfer your policy so you stay protected through the transition.

Frequently Asked Questions