Renter's Insurance

Published: | Updated: August 19, 2017

Definition - What does Renter's Insurance mean?

Renter's insurance is insurance coverage that is designed to prevent losses for people who are renting property. Renter's insurance covers a renter's liabilities in addition to his or her property within the condo, house, or other building that is being rented. Renter's insurance is sometimes required by landlords in order to rent the property.

Insuranceopedia explains Renter's Insurance

In addition to providing coverage for theft and liability, renter's insurance can also provide coverage for things such as water damage and natural disasters. Although renters typically do not have to worry about losses sustained to the actual building, their belongings inside of the building can still be destroyed by a wide variety of causes. Whether or not a renter's insurance policy covers the replacement cost or the actual cash value of the items being insured can be very relevant for reimbursement value if a claim is filed.

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