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Suppose you came home from work to find your apartment had been broken into and vandalized. Or suppose there was a fire in your kitchen, or water damage in your bedroom from a burst water pipe. You can’t assume your landlord will pay for the damage.
Renters insurance covers your possessions against losses from fire or smoke, lightning, vandalism, theft, explosion, windstorm, and water damage from plumbing. With renters insurance, you’ll be able to replace what’s damaged or stolen.
If you’re forced out of your home because of a disaster your additional living expenses will be covered.
Renters insurance pays the reasonable additional costs of temporarily living away from your home if you can't live in it due to a fire, severe storm or other insured disaster. It covers hotel bills, temporary rentals, restaurant meals and other living expenses incurred while your home is being rebuilt. Coverage for additional living expenses differs from company to company.
Renters insurance also covers your responsibility to other people injured at your home or elsewhere by you, or another family member and pays legal defense costs if you are taken to court.
Renters insurance does not cover floods, earthquakes or routine wear and tear. You can, however, buy separate policies for flood and earthquake damage.
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