Tenants insurance, also known as renters insurance, is a type of property insurance that protects tenants living in rented properties. It covers three main types of coverage: personal property coverage, liability coverage, and additional living expenses or loss of use coverage
- Personal property coverage : This part of the policy helps protect your belongings from damage or loss due to events like theft, fire, or water damage
- Liability coverage : This coverage helps protect you from paying out-of-pocket costs if you are found responsible for causing injury or property damage to others. It can also cover medical expenses for injuries that occur on your property
- Additional living expenses or loss of use coverage : This part of the policy can help cover the cost of alternative living arrangements if your home becomes unlivable due to a covered loss, such as a fire or sewer backup
Renters insurance is typically not included in landlord insurance, which is designed to protect the physical structure of the rental property
. It is essential for tenants to have their own insurance policy to protect their personal belongings and liability, as landlords often do not require tenants to purchase tenant insurance
. Policies and coverage amounts may vary based on the type of coverage a renter chooses and their individual needs
