Renters insurance

Renters insurance covers damage or loss to the property of those who rent an apartment.

While your landlord might have insurance, it only protects the building.

Your landlord’s policy will not cover your personal property.

Anyone who rents must go for renters insurance.

There are two kinds of payouts:

1. Actual Cash Value:

This type of coverage pays an amount equal to the current cost to replace your items minus the depreciated value.

2. Replacement Cost Coverage:

This type of coverage pays you the amount it would cost to replace your lost or damaged property.

Renter’s insurance provides liability protection from:

Fire or Lightning

Windstorm

Theft

Smoke

Vandalism or Malicious Mischief

Windstorm or hail

Floods

Damage from a burst water pipe

Riots or civil commotion

Aircrafts and vehicles

Freezing of plumbing system

Falling objects

Medical payments to guests (which pays for medical expenses of nonresidents i.e. someone who doesn't live at the rental property and gets injured while at stay.)

Your coverage will include liability protection, which covers damages as a result of unintentional bodily injury or property damage to another person.