Renters insurance is akin to homeowners insurance, but it is for people who rent or lease properties, such as houses, condos, townhomes and apartments. It is a form of property insurance that covers losses to personal property and protects the insured from liability claims.
02.
Why do you need renters insurance?
Renters insurance has 3 basic coverage components: personal possessions, liability, and additional living expenses.
While your landlord’s property insurance may cover the building itself, the insurance will not cover the tenants’ contents, nor will it cover the damages for you which you could be sued by someone who had an accident within your rented space.
Most property owners now require proof of renter’s insurance prior to move in, especially liability portion of coverage.
Personal possessions coverage is for the contents of your rented dwelling. Typically, named perils include fire, theft, vandalism, plumbing and electrical malfunctions, certain weather related damage, and other named hazards. Ask the agent regarding how much items you like to cover.
04.
What is Liability coverage?
Liability coverage protects you up to a certain amount in the event that you get sued for an injury or other damages incurred at your home by other people. It pays any court judgments as well as legal expenses.
05.
What are Additional Living Expenses?
Additional Living Expenses coverage means that if your unit becomes uninhabitable due to one of the covered perils, you’ll be provided with some money to pay for temporary housing. Hotel bills, restaurant meals, temporary rentals, and other expenses incurred while your dwelling is being rehabbed are all included.
