What is Renters’ Insurance?

Renters insurance is a low-cost insurance policy that covers all of the insured’s personal property inside an apartment as well as liability for medical and legal expenses if a visitor is injured.
An important consideration for personal property coverage is the payout basis. Renters insurance can be written on either an ACV (actual cash value) basis or on a RC (replacement cost) basis. ACV factors in depreciation, while replacement cost coverage will pay for the cost of an equivalent item at today’s prices.
Another important coverage enhancement for renters’ policies is for “additional housing expenses”. If the insured’s apartment is rendered uninhabitable due to a covered peril, then additional living expense will pay the rent for a specified period of time.
Considering how inexpensive renters’ insurance is, it is surprising that more apartment dwellers do not carry this coverage.

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