Basics of Renters Insurance, Apartment Insurance, Tenant Insurance, and HO4

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How are you supposed to protect yourself if you are a renter? You buy an inexpensive insurance policy called Renters Insurance. Although it's many names; Renters insurance,Tenants insurance, Apartment insurance or an HO4, they all provide the same coverage. Renters insurance is for anyone who occupies a residence, but doesn't own the residence. The cost of renters insurance is $185 p/y (national average). It's the least expensive when compared to homeowners and condo insurance. Renters insurance is a package policy, and includes different coverages are already built into it. Every renters policy includes these 4 coverages
Coverage C Personal Property- Things you own such as clothes, furniture, dishes, TV
Coverage D Loss of Use- A place to stay and relocation money after a claim in your residence
Coverage E Personal Liability- Property and bodily injury damages that you are legally responsible for
Coverage F Medical- Also know as Guest Medical, pays medical bills to a person that is hurt in
your residence even if you are not legally responsible.
Renters insurance provides a lot of protection, and not just to the renter. It has become so vital that many landlords require it. If you cannot easily replace the items in your apartment then Renters Insurance is a smart purchase.