Rent Insurance

Last Updated: September 2, 2017

Definition - What does Rent Insurance mean?

Rent insurance (also known as tenant insurance or renters insurance) is a policy that covers damage or loss to the personal property of the policyholder who occupies a space they rent, as well as liability for damage or loss to that rented space.

Insuranceopedia explains Rent Insurance

Landlords usually require their tenants to have rent insurance, whether they are renting an apartment space, a condo, or even a room within a house.

This insurance covers, first, the personal property of the tenant. A loss or damage that happens in the rented space can be shouldered by this policy. Second, if the tenant or a companion of theirs does damage to the property, this policy covers the damage. For example, if the tenant accidentally breaks a window, the policy can offer monetary compensation or replace the window altogether.

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