The three main coverages in your renters insurance are not so different from those found in a standard home insurance policy. In the event you are renting an apartment, condo, or house and experience a fire, break-in, water damage, or other similar misfortune, you should have coverage for any personal possessions that are ruined. Your renters insurance should also help you pay for any additional living expenses that you incur while displaced from your rental as a result of one of these situations.
Rounding out the coverages in your renters insurance policy is one more key financial safeguard – liability protection. This component of your policy is critical because it is there to provide coverage should you ever be sued for injuring someone else or damaging another person’s property. Whether you, a family member, or even your pet is found to be liable for an accident, this coverage could pay for the cost of defense in court, up to the limit of your policy. In addition, your renters policy should also include no-fault medical coverage as part of the liability protection. This allows someone who gets injured on your property to simply submit their medical bills directly to your insurance company, hopefully helping you avoid a lawsuit altogether. Other additional protections you may want to consider based on your belongings and lifestyle include: