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Types of Coverage
Renters insurance typically includes three main types of coverage:
- Personal Property Coverage: This covers the cost of repairing or replacing your belongings, such as furniture, electronics, and clothing, in the event of theft, fire, or other covered perils. Most policies offer replacement cost coverage, ensuring you receive the current market value of your items.
- Liability Coverage: This protects you if someone is injured in your home or if you accidentally cause damage to someone else's property. It can cover legal expenses and medical bills, providing a financial safety net.
- Additional Living Expenses: If your rental becomes uninhabitable due to a covered event, this coverage helps pay for temporary housing and other related expenses, such as meals and laundry services.