Renter’s Insurance
Renter’s insurance is always a good idea. In fact, more and more landlords now
require that you carry a certain amount of coverage. Even if it is not required, it is highly
recommended.
What does it do?
Renter’s insurance is insurance that covers the cost of replacing your personal
belongings in certain circumstances, such as a house fire. Replacing your personal
belongings is likely not covered under the landlord’s homeowners insurance, so without
renter’s insurance, you may be out of luck if you have to replace your belongings due to
an unforeseen circumstance.
Cost
The cost of renter’s insurance is low—usually between $100 and $200 per year, so it is
definitely worth the investment.
Security Deposit & Application Fee
Security Deposit
Definition: Money paid to the landlord before renting that is refundable at the end of
the lease, if certain conditions are met. The landlord can use that money to pay for
damages to the unit, unpaid rent, or other charges spelled out in your lease.
• Can be no more than two months’ rent*
• Within 45 days, landlord should return any of the security deposit owed to you,
along with an itemized list of any charges taken out of your security deposit*
Important: Make sure you leave a forwarding address with your landlord. If you do not,
you may not get your security deposit back!
Application Fee: The application fee is any non-refundable deposit given to the
landlord in order to be considered as a tenant for the unit. By state law, it cannot
exceed $50. In addition to the application fee, your landlord can pass along the costs to
you of conducting a background check.*
*If the Virginia Residential Landlord Tenant Act applies.
14 | Off-Campus Living Guide