Renter’s insurance is designed to help protect renters living in apartments or homes. It is also called tenant’s insurance. It helps provide coverage against:
Property Damage: A renter’s policy may help compensate your tenant against any damage to their personal belongings due to certain risk events, such as vandalism, theft, and fire and lightning. Such belongings may include things like computer equipment, electronics, furniture, or appliances.
Personal Liability: If someone slips, falls, and gets injured while on the property, a renter’s policy may help cover any ensuing liabilities. If your tenant doesn’t have coverage, you may likely be held responsible for the potential medical bills. It’s your property, after all.
Loss-of-use coverage: A renter’s insurance policy may also help cover the cost of a temporary place to live. For example, if a fire erupts and renders a section of the home uninhabitable, the renter’s policy may help cover your tenant’s additional living expenses.