Renters Insurance:

Even though you don't own the home, apartment, or condo you are living in, a Renters policy will provide protection for your personal property, personal liability and additional living expense. A Renter's policy offers some of the same coverages you would find in a Homeowner's policy.

Basic Coverages of a Renters Insurance Policy

Coverage C-Personal Property — Covers damage to, or loss of personal property. Personal property includes household contents and other personal belongings used, owned or worn by you and your family.

Coverage D- Additional Living Expense — Covers additional living expenses when incurred. This means that the policy covers the necessary living expenses up to the stated limit, incurred to continue, as nearly as possible, the normal standard of living when your home cannot be occupied due to a covered loss.

Coverage E-Personal Liability — Covers personal liability. This coverage protects you against claims arising from accidents to others on property that you own or rent. With a few exceptions, such as auto or boating accidents, it is an all-purpose liability policy that follows you wherever you go.

Coverage F-Medical Expense — Covers medical expenses. Coverage is limited to an amount per person and per accident for injuries occurring on your premises to persons other than an insured, or elsewhere, if caused by you, a member of your family, or your pets. An important feature of this coverage is that payment is made regardless of legal liability.

Landlords may require Renters Insurance

Effective January 1, 2014, Senate Bill 91 allows landlords to require a tenant to obtain and maintain renter's liability insurance in a written rental agreement. The amount of coverage may not exceed $100,000 per occurrence or the customary amount required by landlords for similar properties with similar rents in the same rental market, whichever is greater.

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