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Renter's insurance indemnifies a tenant against various losses. Various types of renter's insurance policies can either cover only named perils, such as flood or earthquake or lightening, or all perils. Common renter's insurance coverage levels include cash value and replacement cost value. Another type of renter's insurance is liability coverage, which can indemnify the policyholder for the injury of a guest due to an accident within the rental. Renter's insurance is similar to homeowner's insurance, but does not compensate the landlord in the event the rental property is damaged. Factors that influence the premiums for a renter's insurance policy are the coverage type; the amount of loss covered; the deductible for any loss; and the structure's age, type, and location. |
