The personal property and liability coverage offered by renters insurance will not protect you from all risks. You can buy renters insurance without taking stock of everything you own, but you will get the best coverage if you know exactly what is covered and how much it is worth. Renters insurance is a good option for anyone who wants their belongings covered in case of fire or theft, for anyone who is concerned about personal liability and medical payments coverage in case a guest is injured in their home, or for anyone who wants to be covered for housing, food and other expenses in case their home is rendered uninhabitable due to damage. Renters insurance policies may also offer additional coverage for more specific risks, such as a sinkhole endorsement that would protect your belongings against such a peril.
Renters insurance covers costs associated with damage to or theft of your personal property, liability damage, emergency medical expenses for guests, and additional living expenses if you have to relocate temporarily. When taking out a renters insurance policy, you should be sure to select limits that cover you in the event of a total loss. After filing a claim, the insurance company may provide you with a lawyer to defend you in court or try to reach a settlement with the victim. Most renters insurance policies do not cover the costs of damage associated with bedbugs, with limited exceptions.
Most standard renters' policies do not cover damage caused by earthquakes or floods, although some companies may offer additional coverage if a supplement is paid. For example, renters insurance may offer additional coverage for earthquakes or floods, two common and damaging perils that are rarely included in a standard renters insurance policy. Renters insurance protects you when your belongings are stolen, vandalised or destroyed, or when you incur liability if someone is injured in your home. We recommend that anyone renting a residence consider purchasing a renters' policy as an affordable way to protect themselves from the financial impact of these events.
If you rent a flat, a house or even a room, it is very likely that you can benefit from renters' insurance. However, many renters insurance companies warn that you should leave the mess on the premises while the company sends someone to examine your loss. Renters' insurance policies do not usually cover the costs of damage associated with your roommate's belongings.