is property insurance that provides coverage for a policyholder’s belongings, liabilities and possibly living expenses in case of a loss event. Renter’s insurance is available to persons renting or subletting a single family home, apartment, duplex, condo, studio, loft or townhome.
Renter’s Insurance Benefits:
Coverage for Personal Possessions
Renter’s insurance covers your personal property from loss due to theft, fire and other types of loss events.
A renter should buy enough renters’ insurance to replace all their personal possessions in the event of a loss event. The easiest way to determine this amount is to create a detailed list of all of your belongings with estimated values.
Renter’s Insurance Liability Protection
Renter’s insurance provides liability protection against lawsuits for bodily injury or property damage done by the renter, their family members, and pets. This coverage covers legal defense costs up to the limit of your policy. A renter’s policy should also include no-fault medical coverage as part of the liability protection.
Renter’s Insurance ALE Coverage
(ALE) Additional Living Expenses coverage provides financial protection against an insured disaster that makes it necessary to temporarily live somewhere else. The coverage will pay for hotel bills, temporary rentals, restaurant meals, and other living expenses while a rental home is being repaired or rebuilt. Most policies will reimburse you the full difference between your additional living expenses and your normal living expenses; however, there is a limit on the total amount an insurer will pay or eligibility time limits for ALE payments.