Renters' insurance protects your valuable possessions against theft and other perils along with providing liability coverage for damages done to third parties, whether that be bodily or personal injury to an individual, or damage to another's property. This is also known as Tenant Insurance.
The average renters insurance policy will protect your personal belongings, visitors to your property and any unintentional damages that you may cause to the structure/property you’re renting. Some of the advantages are:
Personal property covered against fire, theft, and water damage, other than flood.
Liability protection, including defense costs, when someone gets hurt and you are held responsible.
Coverage against unintentional property damage.
Availability of special coverage for jewelry, fine arts, and collectibles you own.
Home computer and smartphone
These two items have become a way of life for some people, and it's necessary to keep them protected. The coverage extends to the computer, its components, software, and any media. These policies also include additional causes of loss to be covered by higher limits.
Jewelry and fine arts coverage
Most renters policies cap their jewelry coverage at $5,000 or much less. Endorsements can be added to include items that are valued above the standard limits.
The rates for renters insurance depends on a few factors.
The cost of renters insurance varies depending on the type of home, or apartment that you rent, the age and construction of the building, the estimated total value to replace all of your furniture, clothing, other belongings, and your prior experience.