cash value (ACV) coverage for your belongings. Replacement cost coverage is recommended since it will pay to repair or replace damaged items with items of a similar type and quality at current prices without deducting for depreciation in the final payment amount.
* Liability Protection: This coverage can protect you financially if someone is injured in your rental home, or if you accidentally damage someone else's property, including their rental unit. For instance, if a guest slips and falls in your apartment and requires medical attention, or if your child accidentally breaks a neighbor's window, your renters insurance can help cover the costs of their medical bills or property damage, as well as legal fees if you are sued.
* Additional Living Expenses (Loss of Use): If your rental property becomes uninhabitable due to a covered loss (like a fire or extensive damage), renters insurance can help cover the increased cost of temporary living expenses, such as
"Affordability: Renters insurance
is generally inexpensive, with
the average cost
often being around
$15 to $30 per month, depending on location and coverage limits. "
hotel stays, meals and other related expenses to maintain your normal standard of living while your place is being repaired or rebuilt or until you permanently relocate.
* Affordability: Renters insurance is generally inexpensive, with the average cost often being around $15 to $30 per month, depending on location and coverage limits. According to NerdWallet, the average cost of renters insurance in the U.S. is $148 per year, or about $12 per month.
* Medical Payments: Some policies include guest medical coverage, which can pay for reasonable medical expenses (like X-rays or ambulance rides) if a guest is injured at your rental, even if you are not at fault.
* Pet Liability: If your pet causes damage or injury to another person or their property, renters insurance may help cover the costs. NOTE: While this falls under general liability coverage, it is relatively common for liability losses and merits a separate mention.
"It's often said that it's better to have something and not need it than the other way around - and that's especially true for renters insurance," added Bakonis.
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