A renters insurance policy provides many of the basic coverages as a homeowners policy, except the home itself. Insuring the building itself is the responsibility of the property owner. As a renter, it is your responsibility to insure your personal belongings as well as your liability. See the basic elements of a renters policy below

Personal Property: The contents of your home are your personal property. This includes furniture, appliances and clothing. Not all personal property is covered. Items more appropriately covered under different forms of insurance may have limited or no coverage for loss. These items include, but are not limited to, money, jewelry and firearms.

Loss of Use: When a loss occurs due to a covered peril and the dwelling becomes uninhabitable, the cost of additional living expenses is covered. Reimbursement of additional living expenses covers the cost to the insured for maintaining a normal standard of living.

Personal Liability: Most renters policies provide a standard amount of liability coverage per occurrence, but you have the option to increase this amount. If you or another insured are found responsible for someone else’s bodily injury or property damage, your personal liability coverage may kick in and pay the damages. If an injured or damaged person brings a lawsuit, your insurance company may also pay to defend you or any other insured named in the lawsuit. You should note, though, that you’re typically covered only for negligence (carelessness); you aren’t covered for intentional injuries and damage.

Medical Payments: If all conditions are met and no exclusions apply, your insurance company will pay the necessary medical expenses (for up to three years) of someone injured on or through your property. This coverage doesn’t apply to your own medical expenses and the medical expenses of your household residents, except for your household employees. Injuries that take place away from your premises are also covered, as long as you, another insured, a household employee, or your pet caused the injury.

Medical expenses may include reasonable charges for medical, surgical, X-ray, dental, ambulance, hospital, and professional nursing services, as well as prosthetic devices and funeral services.

Bundle, Bundle, Bundle. Consider adding your automobile and personal umbrella to your unit owner policy to realize the most savings.

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