What is renters insurance?

Renters insurance coverage protects you and your personal belongings when the worst happens. While you may only be renting your apartment or house, chances are you own most of the stuff in it. And while your landlord's insurance policy on the home typically covers the building structure itself, protecting your valuables comes down to you.

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What does renters insurance cover?

Not all renters policies are the same. But in general, renters insurance can cover:

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Personal property

Renters coverage can help you replace your belongings after a covered incident in your home, such as a fire or burglary. You may be surprised at how much everything in your pad is worth when you add it all up. The average renter owns about $20,000 in personal property and is 25 percent more likely to be burglarized than someone who owns a home. And the beauty of how renters insurance covers theft is that it protects your belongings anywhere in the world, whether they're stolen from the trunk of your car or your backpack in a Paris hostel.

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Personal liability

If you're sued because someone was hurt in your apartment or because you (or someone covered under your policy) accidentally injured someone, renters insurance can provide liability coverage for legal costs. The limits of personal liability coverage vary, so check to see what your limits are when you get a quote.

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Medical payments

Your renters policy can also help cover medical payments up to a certain limit if a guest or visitor is injured on your property — though it generally doesn't cover injuries to you or other household members.

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Property damage to others

Rental insurance coverage for your apartment or house follows you wherever you go, so if you accidentally break or damage someone else's property, your policy can help pay to replace it.

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Additional living expenses

If you can't stay at your place because of damage or another covered incident, home rental insurance can help you pay for a place to stay. Loss-of-use coverage, otherwise known as relocation expenses or additional living expenses, could help cover the cost of living expenses up to a certain limit.

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