Skip to main content

Rental Insurance

Why Have Renter’s Insurance?

Before moving into your new rental home, make sure your belongings are protected. Landlords and property owners are typically not responsible for personal property. There are two main reasons for obtaining rental insurance for your home. The first, and most obvious, is to protect your property against theft or damage. Some policies cover property theft from your home and your place of work. Renter’s insurance can cover fire and smoke damage, theft, vandalism, damage from windstorms, and other hazards. Specific coverage depends on your particular policy. The second reason to get a policy is for the liability coverage, to protect you from a civil suit based on negligence. Some policies also pay medical expenses if people are injured on your premises.

Important Considerations

Renter’s insurance usually ranges from $55 to $235 a year. To determine how much coverage you need, add up the cost of replacing all of your possessions. Every policy is slightly different. Shop around for the policy that meets your needs. Prices vary from company to company, and so does protection. Many local agents carry policies from several different insurance companies, so shop for the best deal. Insurance agents are listed in the Yellow Pages under “Insurance.” Syracuse University offers a personal-property-only protection plan to all enrolled students. For more information about this plan, call 1-866-535-0456 or e-mail Note that the Haylor, Freyer & Coon policy does not include liability overage.

Will I Be Covered Under My Parents’ Homeowner’s Insurance?

Students up to age 25 are typically covered under their parents’ homeowner’s insurance; therefore, you may be covered. Check with your parents to determine what would be covered in the event of a loss or claim.


Most policies have a deductible. This is a specific amount deducted from each claim you file. For example, if your $400 camera is stolen, and you have a $100 deductible, you will, subject to the policy’s terms and conditions, receive $300 in your adjustment. The purpose of a deductible is to eliminate paperwork for small claims. Unfortunately, insurance companies and students may have different ideas of what constitutes a small claim. Shop around; deductibles usually vary from $50 to $500.


Liability coverage can range from $100,000 up to $1million. Check to see if your policy will cover your attorney costs in a civil suit and/or medical expenses to those who are injured due to your negligence.

Variables That Can Affect Your Rates

  • If you live in or out of city limits
  • Type of building construction (e.g. wood frame or brick) and protection (e.g. dead bolts, smoke  detectors, etc.)
  • Student or nonstudent status, and sometimes marital status
  • If you live in a complex with four or more units
  • If you have other policies with the company (e.g. auto insurance)
  • How much property and liability coverage you want or need