Tenants and Renters Insurance
Renters insurance is for tenants who would like property coverage for their personal belongings. The person who owns the building should have landlord’s insurance. However, that insurance does not cover your belongings as a tenant. If your items are damaged or destroyed, then you will not receive any insurance help unless you purchased your own insurance policy.
Your coverage will include the property in the rental at the time of a loss. Depending on the terms, if your property is destroyed in a fire, by theft, or other covered event then you can file a claim. You might have to use a rider to get additional monetary coverage for items such as furs, antiques, jewelry, and musical instruments. The coverage is for renter’s property, and people have a variety of things in their living space. So that means this type of policy will vary drastically from a few thousand to tens of thousands of dollars depending on the contents owned by the policyholder.
The main purpose of this policy is to replace damaged items, but you might also have liability coverage as well. This will help if you are ever sued by someone who suffers an injury inside your home or apartment. This policy might even cover food in the fridge and relocation in the event the place is unlivable.
Some policies will also cover your belongings if you are traveling or have certain items kept at a separate location. Your best option is to speak with an insurance agent about renters insurance.