If you’re a renter, you may wonder what renters’ insurance, also known as tenant insurance, is and what it covers. Here is a breakdown of the basics of renters’ insurance policies and coverage options, so you can make an informed decision when selecting a policy.

What is Renters’ Insurance?

Renters’ insurance is a policy designed to protect your personal belongings in case of theft, fire, or other damage. It also provides liability coverage, which can protect you if someone is injured while in your rental unit.

There are several coverage options available when it comes to renters’ insurance. Here are some of the most common:

  1. Personal Property Coverage

Personal property coverage is the most basic coverage option for renters’ insurance. It protects your personal belongings in case of theft, fire, or other damage. This can include your furniture, electronics, clothing, jewelry, and other personal items.

  1. Liability Coverage

Liability coverage protects you if someone is injured while in your rental unit. This can include medical expenses, legal fees, and other costs associated with the injury.

  1. Loss of Use Coverage

Loss of use coverage can help cover the cost of temporary housing if your rental unit becomes uninhabitable due to a covered loss. This can include a hotel stay or rental of a temporary apartment until your rental unit is repaired or replaced.

  1. Scheduled Personal Property Coverage

Scheduled personal property coverage is an optional coverage that can be added to your renters’ insurance policy. It provides additional protection for high-value items such as jewelry, artwork, or antiques.

  1. Flood or Earthquake Coverage

Flood or earthquake coverage is typically not included in a standard renters’ insurance policy. Living in an area prone to flooding or earthquakes may require additional coverage to protect your personal belongings.

Choosing a Policy

When choosing a renters’ insurance policy, it’s important to consider your personal needs and budget. You should also consider any requirements set by your landlord or property management company. Your local Patrons Oxford agent can help you determine what coverage you need. Contact them today! Don’t yet have a Patrons Oxford agent? Find one in your area here.