Most renters insurance policies include coverage for personal property, which pays to repair or replace your belongings if they are damaged by a covered peril. Some examples of covered perils are fire, theft and hurricane damage.
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But most renters policies also include loss of use coverage, which reimburses you for hotel expenses and additional living costs such as food if your home becomes unlivable due to a covered peril. Often, loss of use coverage is limited by your personal property limit, and some insurers also place time restrictions on how long you can rely on this type of coverage.
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To determine how much loss of use coverage you may need, complete a comprehensive inventory of your possessions and take photos or video for items like expensive furniture and jewelry. Then, calculate the value of your possessions based on purchase prices, model numbers and serial numbers, if available. You can then compare the total value of your possessions with the maximum limit on a standard renters policy to find out how much loss of use protection you need.
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In addition to loss of use coverage, most renters insurance policies include medical payments coverage, which pays for injuries sustained by people who visit your home. Some policies even offer personal liability protection, which covers the cost of legal fees if you are sued over a covered incident.
If you have roommates, they should be listed on your renters insurance policy so that their property is included in your personal property coverage in the event of a claim. Many insurers also offer the option to purchase an add-on rider for business equipment or inventory in case you run a home-based business from your apartment.
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- Coverage for Damage to Other People’s Property
Having basic renters insurance can provide financial protection against unexpected events. It covers the cost of repairing or replacing your belongings when they’re stolen or damaged, and helps support hotel expenses over and above your normal costs of living when a covered event makes your home uninhabitable. It can also protect you from liability lawsuits alleging negligence resulting in injury or property damage to others.
Many people think that their landlord’s policy will cover them in the event of a fire or other disaster. However, this is usually not the case. Landlords typically have a policy that insures the structure of their building, but not your personal possessions.
