Renters Insurance

Renters insurance is liability coverage for your personal possessions and the structure in which you live. It also protects a renter's liability, additional living expenses and medical bills due to injuries that are not covered by health insurance or other policies.

You pay an annual premium on a monthly, quarterly, or semi-annual basis that gives you and your possessions protection. The cost is based on the value of what you own, and it's important to make an accurate list in case there's ever a claim.

Renters insurance helps pay costs if someone is hurt due to an accident in your home or at another location related to your apartment [studio, condominium, co-op, or house]. For example, it will cover you if someone unknowingly slips and falls on your property.

If the accident results in a lawsuit or criminal action against you, renters' insurance works to protect you from legal judgments beyond the limits of your savings or assets. The policy also offers liability coverage for unintentional damage to other people's property.

They are quite different because renters do not own the structure they live in, which makes them less likely to want to take on the liability of insuring it. Renters typically choose a policy that offers coverage for their belongings and additional living expenses due to property loss or damage.

In addition to liability coverage, you can also add optional coverages that include coverage for specific items such as jewelry and electronics. This extra protection helps cover the cost of replacing your belongings if they are stolen or damaged by a covered loss. Extra living expenses are another benefit often included in a renter's policy. This coverage helps pay for the cost of living away from your residence if it's damaged.

It is important to protect yourself and your belongings in case of loss or damage, especially if you live in an apartment building or condominium complex. Renters' liability coverage protects you financially in the event someone claims they were injured at your home or in connection with it.

Renters' damage insurance does not protect you from financial obligations when:

1. There's property damage to another tenant's unit, the building structure or other common areas owned by the landlord or an association;
2. You use your policy as a down payment for personal property.
3. You are liable for damage to your landlord's or homeowner's property due to negligence or abuse of the policy.
4. There is physical damage caused by floods, earthquakes, war, and vandalism.

What should I do if I find out my belongings weren't properly covered?  If a claim results in additional charges that were not included when you originally purchased the policy, it is best to inquire about a coverage upgrade. Having adequate renters' insurance from the beginning may help save you money overall.