When to use renter's insurance?

Renters insurance covers your personal property if it is damaged or stolen, medical and legal bills if you are found responsible for damaging someone's property or injuring them, and temporary living expenses if your rental home is uninhabitable at the time. Most renters insurance policies do not cover the costs of damage associated with bed bugs, with limited exceptions. Bodily injury caused by a pet, such as a dog bite, may be included in renters' liability coverage, but policies may exclude these events in certain circumstances. Renters policies often limit the amount they will pay for valuables such as jewellery, firearms and electronics.

If your home becomes uninhabitable due to circumstances covered by your policy, renters insurance coverage generally pays for additional living expenses while your home is being repaired. Renters insurance protects tenants from the costs of unexpected personal injury or theft and legal liability. The personal property and liability coverage provided by renters insurance will not protect you from all risks. If you already have renters insurance, read on to see what types of events a typical renters insurance policy covers.

We recommend that anyone renting a residence consider purchasing a renters' policy as an affordable way to protect against the financial impact of these events. There are a number of optional riders, or endorsements, that a renter can add to their policy to strengthen their coverage. It is likely that your insurance company will ask you to have it professionally valued and then add ring-specific coverage to your renter's policy (for an additional cost). The renter's policy covers your belongings in case of theft or destruction, and pays out if you are responsible for damage to other people or their property.

Renters' insurance usually covers legal representation in a lawsuit and money awarded to the other party. If you are interested in taking out renters insurance, you have a wide variety of options, from established insurance names such as State Farm and Allstate to new companies such as Lemonade. The amount of renters insurance you need depends on how much stuff you have and the value of your savings and other assets. Before you buy renters insurance, take stock of your belongings to decide how much personal property coverage you need.

Along with other pests, such as rodents, they are considered a maintenance problem and are not covered by your standard renters policy.

Judy Billeter
Judy Billeter

Friendly tv geek. Lifelong beer scholar. Friendly coffee buff. Typical social media lover. Lifelong social media fanatic. Amateur bacon guru.

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