Liability coverage is another protection that is often included in a renters insurance policy. This coverage can help protect you from paying out-of-pocket for. When purchasing a renters insurance policy, you should be sure to select limits that cover you in the event of a total loss. Most insurance companies offer discounts if you combine auto and renters insurance policies, or if your flat has a security system, smoke detectors, or deadbolts.
If you already have renters insurance, read on to see what types of events a typical renters insurance policy covers. In addition to the four primary coverages, renters insurance policies often offer other supplemental coverages. Allstate estimates that, for a standard two-bedroom flat, the value of the average renter's personal property in the U.S. Just as your renters policy covers your belongings when you're traveling, it will usually cover them when they're stored somewhere other than your own home.
Renters insurance policies include limited coverage for medical payments in case guests are injured in your residence. The liability portion of your renters insurance policy covers you in these cases, paying for bodily injury or property damage to another person. The difference is that medical payments coverage will pay regardless of who is at fault for the injury, whereas liability insurance only kicks in if you are found liable. The central feature of renters insurance is the coverage of your personal belongings against the usual sources of unexpected damage and theft.
Along with other pests, such as rodents, these are considered a maintenance problem, and are not covered by your standard renters policy. The personal property and liability coverage provided by renters insurance will not protect you from all risks. Renters insurance usually covers legal representation in a lawsuit and money awarded to the other party. Renters insurance covers your personal belongings and provides liability coverage when you live in a flat, house or condominium that you do not own.
Like personal property coverage, liability insurance only applies if your dwelling is rendered uninhabitable due to a covered loss, i.e., one of the perils covered by your renters insurance policy.