A renter’s policy provides protection for those who rent homes, apartments, and condominiums. While the landlord’s policy will cover damages done to the structure that is being rented, the landlord’s policy does not cover the contents of the dwelling. Anyone who rents a residence from another individual is eligible for a renter’s policy, and they do provide a high level of protection at an affordable price.

In most instances, a renter’s policy will cover losses due to fire, water, theft, vandalism, and storm damage. Most renter’s policies do not cover damage that is the result of a flooding situation. Separate flood policies are sold for this.

The renter’s policy covers personal property damaged, lost, or stolen whether or not the property is in the rented home or not. For instance, if a person with a renter’s policy has a laptop computer that is stolen in a car robbery, that laptop would be claimed as a loss on the renter’s policy. The same holds true for items that are stolen out of hotel rooms while traveling.

Renters insurance also provides liability coverage. If someone visits a policyholder’s apartment and is injured, the renter’s policy will cover the loss.

Another important coverage included in a renter’s policy is loss of use coverage. If a covered loss causes the rented dwelling to become uninhabitable, the policy will pay for a hotel room while the damage is being repaired. Other additional living expenses may also be reimbursed.

The major benefit of having a renter’s policy is that the person renting the property is covered for losses should damage occur. Without a renter’s policy, the renter will not be able to recover compensation for damages in most instances. With these types of policies being so affordable, renters should definitely purchase the coverage.