Renters insurance covers personal property damaged by speific losses like fire, windstorm, vandalism, theft, and more. Policies also cover additional living expense if a covered loss forces you to relocate temporarily. Note coverages, limitations, and restrictions before proceeding with a policy. For example, personal belongings are typically insured on an actual cash value basis. ACV means age, wear, and tear affects loss settlements. Consider adding contents replacement cost coverage to remove depreciation as a loss settlement factor. ACV and RC loss settlements are subject to the policy's contents coverage limit and deductible. Insurers offer many add-ons that tailor policies for specific needs.

Personal liability is another important part of the renters insurance policy. Liability protects if you, a member of your family, or even your pet are legally responsible for another person's injury or damage to their property. It also pays for a lawyer to defend you if necessary. Medical payments covers medical expenses for a person hurt on your property or injured by you, a member of your family, or your pet. There is protection regardless of fault.

Most individuals own more possessions than they realize. A room-by-room inventory is a good way to evaluate your personal property insurance needs. Make a detailed record (written or digital) that describes each item along with the year, make, model, description, purchase price, and the receipt when possible. Total the value of your belongings and use this number to choose a contents coverage limit.

Renters policies usually include $100,000 personal liability protection but higher limits are available. Medical coverage options typically range from $1,000 to $5,000.

Contact a local homeowners insurance agent for renters insurance pricing details and coverage specifics.