Renter’s insurance consists of the 4 basic types of coverage:
As a renter, you should have coverage for all of your personal belongings that are in the home you are renting. Contents coverage provides coverage for your furniture, clothing, home dècor, electronics, etc in the event they are lost in a covered peril. Covered perils typically include wind, hail, lightening, fire, theft, riots, volcanic eruption, etc.
Loss of Use Coverage
Loss of Use Coverage- in the event that the home you are renting is damaged, you may need to seek shelter elsewhere while damages are being repaired. Loss of use coverage provides coverage for alternate living expenses in the meantime.
Medical Payments (MedPay) Coverage- MedPay is the portion of a renter’s insurance policy that provides medical reimbursement for injuries sustained by someone on your property. This would cover you only in the event that there was no lawsuit involved. For example, if a friend slips on your front porch and sprains their ankle, your MedPay coverage would provide coverage up to your policy limits for their medical bills.
Liability Coverage- Renter’s insurance also includes liability coverage which protects you in the event you are presented with a lawsuit where you (or other covered persons on your policy) have caused damage or bodily injury to another person or their property.