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Renters insurance covers your personal belongings in the event of theft, fire and other problems listed in your policy.
It also includes renters liability insurance, or personal liability coverage, which offers financial protection if you cause injury to someone else or accidentally damage someone else’s property. For example, if someone is hurt in your unit due to your negligence or you accidentally start a fire that damages another apartment, and you get sued, this liability coverage will kick in. It also pays for your legal defense.
Another perk of renters insurance is that it can pay for extra costs if you can’t live at home due to damage, such as fire damage. Here’s a closer look.
Personal property coverage
Renters Insurance covers your personal property, including furniture, clothing, jewelry, electronics and even knick-knacks, as long as they were stolen or damaged by a problem listed in your policy. Renters insurance will extend to personal belongings in your vehicle, such as items stolen from your car.
Your personal property is only covered up to your policy limit, and be aware of coverage limits for specific items. Here are some examples of special limits in a standard renters insurance policy:
Check your own renters policy to find its special limits. If you have expensive jewelry or art, you can schedule personal property separately, which lets you fully cover items outside of the renters policy limit.
Personal liability coverage
The personal liability coverage in a renters insurance policy provides financial protection if you are sued for causing injury or property damage to others.
This could include:
Liability insurance also pays for your legal defense and can cover any damages if the court finds you were negligent. It’s a good idea to buy enough personal liability insurance to cover what you could lose in a lawsuit.
Additional living expenses coverage
If your home becomes uninhabitable due to a problem covered by your renters insurance, additional living expenses coverage will pay for the cost to live somewhere else until you can return.
Additional living expenses coverage can include hotel stays, meals, pet boarding fees and other expenses that result from being displaced, up to the limits of your policy.
This is also referred to as “loss of use” coverage.
What Does Renters Insurance Not Cover?
Earthquakes and floods are not covered by standard renters insurance. You would need separate flood insurance and earthquake insurance policies for those disasters.
Renters insurance also doesn’t typically cover:
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