What Is Renter's Insurance? Here's What the Experts Say

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A standard renters insurance policy typically covers your personal belongings should they be damaged, destroyed, or stolen. Renters insurance also covers liability in case someone is injured or someone else’s property is damaged, as well as any medical payments.

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Renters insurance offers financial protection to tenants in case anything were to happen to their personal property and in the instance of legal liability.

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In a nutshell, standard renters insurance covers four main areas: 1. Personal possessions 2. Liability 3. Living expenses 4. Medical payments

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According to the National Association of Insurance Commissioners (NAIC), the average cost of a renters insurance policy is $15 to $30 a month.

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