If you rent a home or apartment, having affordable renters’ insurance protection for yourself and your possessions is important, and in some cases is required by the landlord or apartment complex. Preferred Insurance offers affordable renters’ insurance in situations such as: fire, theft, water damage, and other unforeseen circumstances that your landlord’s policy doesn’t cover. Renters’ insurance can provide coverage for not only the contents inside of your residence, but liability and medical protection for your guests who come over.
Renters’ insurance can provide protection for many different scenarios for just a few dollars a month.  If the contents inside of your residence are damaged from a covered peril, you can file a claim to get your personal property replaced.
When deciding the limits of your renters’ policy, it is important that you properly evaluate the correct value for all of your personal belongings. It is recommended to make an inventory for all of your belongings and keep that information in a safe place (like a fireproof safe or a safety deposit box away from their residence). In the event of a claim, it will be much easier for the insured to remember the items that are now missing if they are written down in a safe place.
Renters’ insurance also comes with medical payments to help protect you if someone comes over to your residence and slips and falls, or gets injured; your medical payments to others can help pay for their medical expenses.  Even if a lawsuit comes out of an injury at your place of residence, the liability coverage on your renters’ insurance can help protect you.

Water Damage vs. Flood Damage

A common misconception is the difference between water damage vs. flood damage.  A typical renters’ and homeowners’ insurance policy covers water damage, but does NOT cover flood damage.  Flood damage must be purchased separately.


A flood is defined as a rising and overflowing body of water onto normally dry land. Generally, damage caused by water that has been on the ground at some point before damaging your home is considered flood damage. Flood damage to your home/place of residence can only be insured through a Flood Insurance policy.

Examples of Flood Damage:

  1. A nearby lake or river overflows and causes a flash flood in your home.
  2. A storm drain or sewer drain gets backed up and causes a flood through the patio on the 1st floor of an apartment building.


Opposite from flood damage, water damage is considered to occur when water damages your home before the water comes in contact with the ground.

Examples of Water Damage:

  1. During a heavy rainstorm, water leaks through your roof onto your furniture, floor, etc. causing damage.
  2. A pipe/hose from your washing machine breaks, causing water to leak causing damage.