Renters insurance is for tenants renting an apartment, condo, or home. Policies typically includes liability, personal property and additional living expenses.
Why you should have renters insurance?
Landlords are typically not responsible for your personal items in case of a loss. Its important you protect your personal property and have additional living expenses coverage.
Protection from damage: Say there's a fire at your apartment and your apartment and items were damaged. Having renters insurance coverage would provide coverage for the personal property and cover the cost of living elsewhere.
Protection from damage you cause: Let's Say you're at your friend's house and you bump into and break their expensive vase. Renters insurance liability coverage will help pay for the cost of your friend's vase. Liability coverage is extended to your family or family pets.
Protection for visitors' injuries: If your guest falls and gets injured, your policy may cover at cost of the medical and legal bills.