Renters’ insurance is a type of insurance policy that provides financial protection for individuals who rent a residence, such as an apartment or house. While the landlord’s insurance typically covers the physical structure of the rental property, renters’ insurance is designed to protect the personal belongings of the tenant and provide liability coverage. Below are the features of Renters’ insurance:

• Personal Property Coverage
• Liability Coverage
• Additional Living Expenses (Loss of Use)
• Medical Payments to Others
• Personal Liability Umbrella (Optional)
• Scheduled Personal Property (Optional)
• Earthquake Insurance (Optional)

Flood Insurance (Separate Policy):

Flood damage is generally not covered by standard renters insurance. Renters may need to purchase a separate flood insurance policy through the National Flood Insurance Program (NFIP) or a private insurer.

Discounts:

Renters may be eligible for discounts based on factors such as having security features in the rental unit, having multiple policies with the same insurer, or having a claims-free history.
Renters insurance is important for tenants to protect their personal belongings and provide liability coverage in case of unforeseen events. It’s a relatively affordable type of insurance that offers valuable protection.