Renters insurance (also known as tenant insurance) helps you cover unexpected events such as damages, theft, or accident that may occur at the residence you are renting. Landlords have property insurance to cover the cost of any incidents that may harm the property, but their insurance does not cover your personal property.
Most personal property coverages have specific deductibles making you liable to pay a certain amount of money for the item before your insurance policy will help cover the rest of the cost. It’s important to carefully read your renter’s insurance policy to know what may or may not be covered.
Liability coverage is also another aspect that is usually included in your renter’s insurance policy. You can financially protect yourself if you are held legally responsible for damages or injuries to other individuals or their property. An example would be if a friend tripped and broke their leg while at your apartment and you were found to be responsible for their medical bills. No one intends for these kinds of accidents to occur, but your liability coverage can help protect you from paying these bills out-of-pocket.