Renters, even though landlords have insurance, need their own coverage to protect their belongings from damage or theft. Don’t risk losing your valuables!

It’s not just your possessions that renters insurance coverage can help protect. It can also help protect you. In case a claim is brought against you or you are sued by a third party, your renters personal liability coverage can help to cover the legal costs and related damages. Many renters policies provide a minimum of $100,000 of financial protection that may help if someone claims injuries or damages while in your apartment, or caused by your personal activities or those of your household members.

For example, if you are found legally responsible for accidental fire damage to the building where you live, liability coverage in a renters insurance policy may provide financial protection. This liability protection may also extend to any vacation property that you rent.

An important consideration for consumers is whether to buy an actual cash value renters policy or a policy that covers the full cost of replacement.

With actual cash value coverage, insurers depreciate lost or damaged items based on their age. For example, if you owned a 10-year-old couch that was stolen, the actual cash value would be the cost of buying a used couch of comparable age and condition.

If your policy covered your couch at full-replacement value, your insurer would pay based on the cost of a new couch of the same quality without applying depreciation.

Many renters don’t realize how much they could benefit from having an insurance policy that can help protect their valuables in a life-changing event like a fire or theft. If you assume that damage to your property in your rental home will be covered by your landlord’s insurance policy, you’re making a mistake. The owners of rental properties typically purchase only enough insurance to repair or replace their structures. Insuring your personal property is up to you.

Yes, It helps protect against losses from such mishaps as theft, fire, lightning, vandalism, windstorms and water damage from broken water pipes.

If your rental home should become uninhabitable, your renters policy typically will help address some of the costs for you to temporarily live elsewhere, up to your policy limits. This benefit usually includes the cost of meals, over and above your normal expenses.

It shields you from legal claims if you’re found negligent. It covers you, your family, and pets for injuries or property damage caused to others. Imagine a guest getting hurt at your party – your policy (up to its limit) would cover their medical bills and your legal defense if you’re held responsible.