What Is Renters Insurance? Renters insurance is coverage for persons living in a home without ownership title. It helps protect your personal belongings within the rented property. You are not mandated to obtain insurance if you live in a rented property, but purchasing a policy can help minimize out-of-pocket costs should an emergency occur. Renters insurance offers similar protection as a homeowners policy, but it isn't as comprehensive. The major difference is that renters insurance is designed to cover losses to property inside the home or apartment, unlike homeowners insurance which also protects the building against damages. This means that a renters insurance policy is much more affordable than a homeowners policy as the coverage is more limited. What Does It Cover? A standard renters policy will protect you against various threats such as theft, burglary, vandalism, and fire. You are also covered should a guest get injured on your property and sue for damages. In such situations, the policy covers legal and medical expenses. Most policies also cover your living expenses if any damage occurs that causes you to temporarily vacate the property. Your cost of living, like hotel fees, is covered under a typical renters insurance policy. In some cases, it may also cover damages to your personal property outside your home or in your car. Like all coverage policies, there is a limit on your renters insurance. You will need to pay out-of-pocket costs if you exceed the limit. The coverage discussed above is broken down into four basic categories of coverage:

• Personal Property: This includes personal property like clothing, furniture, and electronics.
• Medical Payments: Hospital bills to treat injured visitors are included in this coverage.
• Additional Living Expenses: It covers additional living expenses when your house or apartment becomes uninhabitable due to an insured loss.
• Liability: Legal fees are covered should you get sued for injuries to visitors on your property. You can also claim damages to other people's property.

What Is Not Covered by Renters Insurance? Although renters insurance is designed to relieve your financial burden, it does not cover every type of damages. Certain losses caused by floods, earthquakes, and pest infestation are not covered under a typical renters insurance policy. Also, you cannot claim damages due to intentional acts of destruction or negligence. High-end belongings like precious stones, jewelry, or rare artwork are excluded from your renters insurance. Contact your provider to discuss additional coverage options to cover these valuables. How Much Does Renters Insurance Cost? Several factors determine the cost of your renters insurance, such as a lack of safety installations or the presence of high-risk fixtures like a jacuzzi. Your deductible has a direct impact on your premium. The higher your deductible, the lower your premium and vice versa. Other factors that affect the cost of renters insurance are your family's size and the overall worth of your belongings. It is no surprise that large families will be charged significantly more than small ones. However, remember that the cost of renters insurance is significantly lower than a homeowners policy, so it is more affordable than you might realize. Do you have more questions about your renters insurance?  If so, then contact the experts at East End Insurance Agency.  Our dedicated team is eager to assist you with all your insurance coverage needs today.