Renters insurance, also known as tenant insurance, is an insurance policy that provides some of the benefits of homeowners insurance, but does not include coverage for the dwelling or structure itself. It is designed to protect renters living in a house or apartment by covering unexpected events, otherwise known as covered perils. Here are the key features of renters insurance:

• Personal Property Coverage: This covers your belongings, including items stolen out of your car or while you’re traveling. It can also cover losses due to fire, smoke, theft, vandalism, and certain kinds of water damage.

• Liability Coverage: This protects you if someone is injured in your home and pays legal costs if you are liable and taken to court.

• Additional Living Expenses Coverage: This pays the extra cost of food, rental, and other things if you have to move out of your place for a short time because of damages from a covered loss.

Renters insurance is not required by law, but many large and medium-sized rental properties include a requirement in their lease that tenants hold renters insurance. If the tenant damages the premises, the landlord and other tenants can recover against the perpetrators insurance. It is important to know what type of damage your insurance covers.

The cost of renters insurance varies depending on the amount of coverage you need, the deductible you choose, and other factors. However, it is significantly less expensive than a homeowners policy because it does not insure the actual dwelling.

In summary, renters insurance is a type of insurance policy that provides coverage for renters personal property, liability, and additional living expenses. It is designed to protect renters from unexpected events and is significantly less expensive than a homeowners policy.