Renter's insurance is property insurance that provides coverage for a policyholder's belongings, liabilities and possibly living expenses in case of a loss event. Renter's insurance is available to persons renting a single family home, apartment, duplex, condo, studio or townhome. The policy protects against losses to the tenant's personal property within the rented property. In addition, a renter's insurance policy protects against losses resulting from liability claims, such as injuries occurring on the premises that are not due to a structural problem with the property.
Personal property coverage
Policy will cover costs to replace your personal belongings, like furniture, electronics, computer equipment, clothes, jewelry and appliances.
Personal liability coverage and medical expenses
Policy will cover costs you may be legally responsible for paying if someone is injured in your apartment. If someone slips, falls and is hurt on the premises, or if your dog or cat bites a visitor and sends them to a hospital, or that person decides to sue you for their injuries, your liability coverage will pay for some legal expenses that you accrue from the lawsuit.
If your residence has been made uninhabitable, renters insurance will cover the cost of a temporary place to live. It may compensate you for everything from hotel bills to the cost of food if it exceeds what you normally pay for meals. If there is a fire at your apartment and it needs to be repaired, your loss-of-use coverage will cover the cost of a hotel until you are able to move back or find a new apartment.