Renters insurance offers financial protection for tenants and their personal belongings. Your renter insurance policy will protect you from a variety of covered perils such as theft, bodily injuries, water backup damage, and more in a rented property. Renter insurance comprises 3 different types of coverage, with each offering a different kind of protection. Here is more about what each type of renters insurance covers.
Personal Property Coverage
This insurance provides coverage for the costs of replacing your personal belongings. The coverage will cover damaged, destroyed, stolen, or lost property in any one of these sixteen events:
- Fire and lightning
- Explosions
- Windstorm and hail
- Damage by car (not your own)
- Riots
- Damage by aircraft
- Vandalism
- Theft
- Falling objects
- Volcanic eruption
- Weight of sleet, ice, snow
- Damage from water-heating appliances/ steam-heating
- Overflow or Leakage of water or steam
- Freezing of air conditioning plumbing, heating,
- Short-circuit damage
- Smoke damage
Personal Liability Coverage
Liability coverage is also included in a renters insurance policy. This plan will provide coverage for certain costs you may be legally responsible for if someone gets injured in your rented apartment. It will cover the cost of any potential medical bills and/or pay for some legal expenses you may accrue.
Additional Living Expenses
If your apartment has been made uninhabitable, renters insurance can provide coverage for a temporary place to live. Hotel bills, cost of food all fall under additional living expenses, and they can cover you until you are able to move back into your apartment or find a new place.