Renters insurance is an insurance policy that can cover theft, water damage, certain natural disasters, bodily injury and more in a rented property. If you rent a flat, house or even a student residence, renters insurance is recommended to protect your space and belongings in the event of a covered accident. Renters' policies often limit the amount they will pay for valuable items such as jewellery, firearms and electronics. A renters policy covers your belongings if they are stolen or destroyed, and pays if you are responsible for damage to other people or their property.
The amount of renters insurance you need depends on how much stuff you own and the value of your savings and other assets. The difference is that medical payments coverage will pay regardless of who is at fault for the injury, while liability insurance only kicks in if you are found liable. Before taking out renters insurance, take stock of your belongings to decide what personal property coverage you need. Lawyers appointed by insurance companies are often experienced litigators and work on behalf of their assigned clients.
Your landlord's insurance will not pay to replace your belongings if a storm destroys the building or a burglar breaks into your flat. The risks covered may vary among renter's insurance policies, but almost all cover the common risks we have listed here. In particular, many insurers exclude coverage for aggressive dog breeds, such as pit bulls, and may even deny you coverage if you own one of these breeds. Bodily injury caused by a pet, such as a dog bite, may fall under renters' liability coverage, but policies may exclude these events in certain circumstances.
One caveat is that insurance companies often include in their policies that they will only cover the expenses of an attorney of your choice. If you are interested in buying renters insurance, you will have a variety of options, from established insurance names, such as State Farm and Allstate, to newcomers, such as Lemonade. Most renters insurance does not cover flood damage, so you will have to pay for repairs yourself or purchase separate flood insurance if your home is at risk. However, your insurer will not reimburse you for every event related to these coverages, as only certain events or perils will qualify for a claim.
Renters' insurance policies do not usually cover the costs of damage associated with your roommate's belongings. The liability portion of your renters insurance policy covers you in these cases, paying for bodily injury or damage to another person's property.