Renters Insurance Explained
Renters insurance protects the belongings of people who rent an apartment, condominium or home. Landlords should have coverage on this property, but that doesn’t extend to tenants. The insurance purchased by the landlord does not cover belongings and liability issues that affect tenants in their rented space.
A renter’s policy is similar to a homeowner’s insurance policy. A basic policy of this sort covers your personal property such as clothes, furniture, electronics, bicycles, and computers. A policy may also include losses from natural events such as storms, wind, hail, lightning, snow or sleet, plus fire-related events. A policy can also cover theft and vandalism of the property.
In some cases the policy might cover expenses if you are misplaced from your home. If your home becomes uninhabitable because of a disaster, then some policies will pay for temporary living costs. The cost of food and other essentials might be covered as well.
You can also get a policy that provides liability protection. This helps protect you financially if someone sues you because they suffer an injury in your home. Then there is guest medical coverage which provides money for medical expenses when injuries are incurred by someone on your property.
If you want renters insurance, then ask for riders, similar to what homeowners get on their policies. A rider can protect expensive personal property not covered under the traditional property. This includes high priced jewelry and collectibles. You can also inquire about flood insurance and earthquake coverage.