Renter's insurance is a type of property insurance that covers a policyholder's personal possessions, liabilities, and living expenses in the event of a loss. This is available to people renting or subletting a single-family home, apartment, duplex, condo, studio, loft, or townhouse. Furthermore, a renter's insurance policy covers damages arising from liability claims, such as injuries that are not caused by structural fault of the property. 

Many landlords are now requiring confirmation of renter's insurance as the owner's or landlord's property insurance does not cover personal goods in a rented home. 

Renter's insurance provides three forms of financial protection: Coverage for personal possessions, Liability protection, and Additional living expenses protection. 

• Personal Property

Coverage for your personal property is a key component of renters coverage, protecting your possessions from theft, fire, and a host of other unfortunate events.

To make sure you purchase enough insurance, it is important to have an up-to-date home inventory: a detailed list of your belongings along with their estimated value. If you think it’s unnecessary, think again! Would you be able to remember all your possessions in the event of a fire?

You can choose between Replacement Cost Value and Actual Cash Value.  In the case of  Replacement Cost Value, the insurer pays the amount it would cost to purchase the same or similar item (minus your deductible).  If you choose Actual Cash Value (ACV), after a loss, you’ll be reimbursed for the original cost of your damaged items, minus depreciation. Depreciation is the monetary value that an item loses over time.

If there are abnormally high-value possessions, a renter may want to add a floater, which is a separate policy that provides additional coverage for costly valuables in case they are lost or stolen.

• Personal Liabilities

Renters insurance provides liability protection that covers you against lawsuits for bodily injury or property damage done by you, your family members, and your pets. For example, if your dog bites a guest resulting in a trip to the hospital, you might be held responsible for damages if the other party sues you for failing to control your dog.

• Additional Living Expenses

Renters insurance covers additional living expenses if the tenant is forced to live in another place because their home became uninhabitable as a result of an accident. Additional living costs include hotel bills, temporary rentals, restaurant meals, and other expenses. However, there is either a dollar limit on the total amount an insurer will pay or a time limit on the ALE payments.

Stop thinking about what would you do in case of fire, theft, or other risks in your rented dwelling. Get a Renters insurance quote today and trust securing your Property to Findalowrate.