Have Questions? (800) 820-2981

What is Renters Insurance?

What is Renters Insurance? Renters Insurance is a form of property insurance that covers losses to personal property and protects the insured from liability claims of negligence or accidents when renting a property. You will need to look into coverage options if you are in an apartment or other multifamily structure. In these cases, renters should consider purchasing a simple renter’s insurance policy as part of their overall online and offline safety measures. Buying a policy  may get tricky for some with limited information on how they work and what they cover.  We hope to help you better understand insurance and help renters, and many others find affordable rates for coverage that fit their unique situations.

1. Personal property coverage

One of the most significant benefits of renters insurance is that it provides coverage for personal property, which protects against loss and damage from fire, theft, vandalism, and other events. It would be best to take inventory to determine how much personal property coverage you need to protect your belongings. Write down a list of the items you own (appliances, clothing, furniture, and electronics) with a value beside each item. You might have a lot more to protect than you think!

2. Personal liability coverage

The most common form of personal property coverage, personal liability coverage, protects against claims arising from someone else’s negligence or a third party’s intentional act. For example, if your neighbors accidentally spill paint on your window sills and you have renters insurance, the policy will cover the damage to your window coverings. It will also cover your legal defense costs if you are sued for negligence. Liability coverage will not pay for damage to your personal property.

3. Medical payments coverage

Other types of coverage that renters should consider are medical payments coverage, which protects against losses for a covered person’s injuries. If your dog runs into the street and gets hit by a car, that coverage could possibly even cover the veterinary bills. The policy can cover her medical expenses if your child trips and falls in the yard.

4. Additional living expenses coverage

Most policies cover the loss of a tenant’s “primary residence” and other living expenses in certain situations. For example, suppose your tenant’s property or vehicles are damaged or destroyed by fire or another event. In that case, the policy could cover all missing property and expenses up to a certain amount for a maximum of 30 days.

5. Other events covered by renters insurance

Most policies also provide coverage for certain other events, including earthquakes and flooded homes. There is generally no limit to the amount of coverage a policy can provide, so it is important to read the policy carefully to ensure that you are getting everything you need. If you might need additional medical payments coverage, liability coverage for additional persons or vehicles, or commercial general liability insurance if you have an office in your building, please ask about it before purchasing a policy.

We hope you are now able to answer the question: What is Renters Insurance? Renters Insurance is important for everyone. It provides invaluable protection for your personal property and the legal costs you might have to pay if something happens. A renters policy can also be a lifesaver if your neighbors or guests sue you. Hometown Quotes offers many types of renters insurance and helps customers find policies to fit their needs.

RELATED POSTS

Auto Insurance Quotes

Whether you drive a car or a truck, have a single-driver or multi-driver household, and need full coverage or the bare minimum, we can help find the best policy for you.

Home Insurance Quotes

Mansion or tiny home, century-old farmhouse or modern loft, we’re here to find the best policy to keep your home sweet home covered.

Life Insurance Quotes

Life Insurance might not be top of mind but protecting your loved one’s financial future is important. Find out more about coverage options that best fit you.