Renters insurance is a type of insurance that provides coverage for individuals who are renting a property or apartment. It protects the renter's personal property against loss or damage.
Renters insurance works by providing financial protection to renters. It offer coverage in return for premiums paid by occupants of condominiums, single-family houses & apartments.
Renters insurance requirements can vary depending on the landlord or property management company, as well as the state and city where you live.
Types of renters insurance includes, Actual Cash Value (ACV) coverage, Replacement Cost coverage, Liability coverage, Additional living expenses coverage and Flood or earthquake coverage.
Renters insurance covers 3 main areas, personal property (furniture, clothing, electronics), personal liability (bills, legal fees, damages), & additional living expenses (hotel stays, food).
Cost of renters insurance varies depending on the level of coverage, location, deductible, and insurance company. On average, renters insurance costs between $15 to $30 per month.