Renter’s Insurance
What is renter’s insurance?
Renters insurance, sometimes referred to as tenant’s insurance, is an insurance policy that helps to cover your belongings and liabilities in the event of damage or loss. This insurance does not generally cover the dwelling you are renting or the property of others.
Who is renter’s insurance for?
Renters insurance is a good idea for anyone who is renting or subletting an apartment, home, condo, duplex or other residential property.
How does renter’s insurance work?
Similar to homeowner’s insurance, a renter’s insurance policy is designed to provide you with a monetary payment in the event you experience loss. This insurance usually covers damage to your belongings due to fire, theft or vandalism and may also cover injury to visitors to your residence if it can be proved to be the tenant’s fault.
What are the different types of renter’s insurance?
There are typically three types of renter’s insurance coverage: personal property, liability and additional living expenses. Personal property coverage will cover the cost of repairing or replacing your clothing, furniture, electronics and other belongings up to the coverage limit specified on your policy. Liability coverage will cover repairs if you accidentally damage another person’s property or the costs associated with injury to a guest in your home if deemed your fault. Finally, additional living expenses such as loss of income and alternate housing may be covered up to specified limits named in your policy if your home is uninhabitable.
What are the major benefits of renter’s insurance?
The number one benefit of renter’s insurance is peace of mind knowing that you are covered in the event of certain losses. Paying a normally small amount each month to protect your belongings means that you can recoup your losses rather quickly and easily after a fire, theft or vandalism event. This coverage ensures that your belongings, especially expensive ones, will be replaced with little to no money out of your pocket.