Renters insurance is a type of insurance that is quite useful for those who are renting an apartment, condo, home, or any other kind of living space. It protects them by covering the costs of property damage, theft, or any legal liability that might arise because of someone being injured in that space. Renters insurance might seem similar to homeowners insurance, but they are very different. Renters insurance is cheaper than homeowners insurance. It does not cover damage to the structure or building where the tenant lives, which is the landlord's responsibility.

What Is Covered under Renters Insurance?

There are four main types of renters insurance coverage. They include:

1. Personal Property Damage: When purchasing an insurance policy, specific events or hazards are clearly stated to be covered by that policy. If your personal property is damaged as a result of one of these events or hazards, renters insurance will provide coverage for the cost of damage up to the limits of your policy.
2. Personal Liability: Renters insurance covers liability costs like legal defense fees if someone is injured or their property is damaged because of you.
3. Additional Living Expenses: If the apartment or condo you rented is damaged from a covered event or hazard and you are unable to live in it while repairs or replacements are being made, a renters insurance policy covers the expenses that are beyond your normal living expenses. This is also known as loss of use coverage.
4. Medical Payments: There is also coverage available for medical expenses if a guest is injured on your property.

Some of the covered events or hazards included in a renters insurance policy are

• fire and lightning

• wind and hail

• explosions

• smoke damage

• theft / vandalism

• water damage

• mold infestations

• falling objects

• snow and ice collapse

What Is Not Covered under Renters Insurance?

Just as there are things covered by this policy, there are also other things not covered. You might need to get additional endorsements for your situation to ensure you have all the coverage you want. Things like floods, earthquakes, sinkholes, bed bugs and other pests, damage to your car, and damage to your roommate's belongings are not covered by a renters insurance policy. Also, there might be limited coverage for specific jewelry, art pieces, and electronics that are of higher value. You might have to pay more to get additional coverage on these items. Contact us at Weeks & Associates Insurance Services in Thousand Oaks, California, to discuss your renters insurance needs and ensure you are fully covered. We are ready to meet all your insurance needs today.