Rentals Net

In the event of a loss or claim, don't assume the landlord is responsible for replacing your belongings or finding you another place to live. Furniture, collections and personal belongings are almost always the responsibility of the tenant. Most landlords purchase insurance that covers the buildings, loss of rents and liability of the general area not your personal property.

Renters insurance typically provides coverage, up to the limits you select, for specified items and situations, including:

• Personal property such as furniture, electronics, computer equipment, clothing, etc.
• Personal liability if someone is hurt, whether in your home or away from it
• Damage to your apartment or home caused by a covered loss

Read your lease. Many landlords require a tenant to purchase renters insurance, especially if they own pets. Ask about replacement cost versus actual cash value coverage to determine the best "fit" for your needs. Understand what isn't covered. Some renters insurance will not cover losses resulting from flood or earthquakes.

Renters policies provide "named peril" coverage, meaning the policy states specifically what you are insured against. Some of the named perils are:

• Fire or Lightning
• Windstorm
• Smoke
• Vandalism or Malicious Mischief
• Theft
• Accidental Discharge of Water

Nine other common loss types are included in tenant's insurance policies.Your coverage will include liability protection, which covers damages as a result of unintentional bodily injury or property damage to another person. If necessary, a renters insurance policy may even pay for your legal defense in these circumstances. Your renters liability coverage may also include medical payments coverage, which pays for medical expenses of nonresidents - people who don't live at the rental property you've insured.