Renters insurance is a type of home insurance which protects the holder against the accidents, damages, and the losses that occur in a rented residence.
When you rent a house or an apartment, a renters insurance policy will provide the financial protection against the loss of your personal property. The landlord's insurance will not cover the loss of your personal property theft due to theft, fire or from any other kind of destruction.
By purchasing renters insurance, your personal property is covered against losses from fire or smoke, lightning, vandalism, theft, explosion, windstorm and water damage (not including floods). Like homeowners insurance, renters insurance also covers your responsibility to other people injured at your home or elsewhere by you, a family member or your pet and pays legal defense costs if you are taken to court.
Renters insurance covers your additional living expenses if you are unable to live in your apartment because of a fire or other covered perils. Most policies will reimburse you the difference between your additional living expenses and your normal living expenses but still may set limits as to the amount they will pay.
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