Understanding Renters Insurance
Renters Insurance is a type of homeowners insurance for those who choose to rent their space. Regardless of if you live in a condo, apartment, house, etc., renters insurance is vital in protecting your personal belongings and provide liability coverage. Many people make the mistake of assuming that their landlord’s insurance will cover their personal property…your landlord is not legally responsible for your property or liability claims filed against you!
What is Covered Under Renters Insurance?
Renters Insurance provides coverage for your personal property (furniture, clothing, electronics, etc.) at whatever limit you desire. You’ll be reimbursed for the cost of buying new versions of these items, not the depreciated value. Loss of use is also covered, which provides coverage for additional expenses you acquire because of a covered loss. Finally, renters insurance provides you with personal liability coverage which protects you from bodily injury and property damage claims for which you are legally liable.