What Does Renters Insurance Cover?

There are two parts to a renter’s insurance policy:

Personal property coverage covers your personal belongings in the event they are damaged by fire, hail, smoke, vandalism, lightening, plumbing, etc. This type of policy will also cover your personal belongings in the event you are a victim of theft. In order to take out this type of policy you will need to determine a value on your personal property and a policy will be written for that amount. Make sure you consider how much it would cost to replace everything you own; otherwise you may find yourself under insured in the event of an unexpected loss.

Personal liability protection will protect you in the event that you are sued due to an injury incurred by someone while visiting your residence. This type of coverage provides protection for injuries or damage that occurs while at your residence or that is caused by you, your children or pets. It also covers relevant legal costs as well.