Why do you need renter’s insurance?

Renter's insurance policies are designed to indemnify you (cover your loss) in the event of a covered loss to your personal property and protect you in the event you are responsible for bodily injury or property damage to others. Renter's insurance is available for apartments, rented homes, condos, co-ops, dorms, and roommate arrangements.

Suppose you have visitors to your apartment and someone slips on a wet kitchen floor and breaks an arm? Who is responsible for the medical costs? In most circumstances you are. This is where renter’s insurance can help.

Renter’s insurance in general provides "named peril" coverage, meaning the policy states specifically what you are insured against. Some named perils may include:

• fire

• lightning

• smoke

• vandalism

• malicious mischief

• theft

• accidental discharge of water 

Renter’s insurance liability coverage may also include medical payments coverage, which applies to non-residents of the insured premises. This coverage pays for the actual medical expenses incurred up to the limit for a non-resident guest. Always read the contract for specific explanations of coverage and exclusions.