Rather, these individuals pay rent to the owner of the property. The owner will have insurance in place to cover the replacement cost of the dwelling given a covered loss, but what about your personal property? In many cases, the renter will not carry a policy to cover their personal property, loss of use, personal liability, med pay, or additions/alterations he or she may have made to the rental property. It is important that a renter has a policy in place so that he or she is indemnified given a covered loss.
This type of policy is for those who do not own the property they reside in.
This coverage section protects your general household belongings against loss by a broad range of perils. Items can include furniture, clothing, appliances and other personal possessions.
Loss of Use
In the event you are required to leave your apartment as a result of a covered property loss or if the building containing the property makes the apartment not fit to live in, we will cover you for many additional expenses that may include hotel or restaurant costs.
This is important coverage if you or your family members are found negligent in causing bodily injury or property damage to another party. In that event, you have the peace of mind knowing we will pay the legal damages imposed on you and include legal defense costs if necessary.
If a visitor is injured in or around your home, we will pay for the medical expenses incurred by that person.
Additions and Alterations
Although as a tenant you do not have an insurable interest in the building in which you reside, you might add fixtures or make improvements to the apartment or home. These are “additions or alterations.” If a covered loss occurred, you would be provided with an amount equal to 10% of your personal property coverage limit.