Whether you own or rent your home, homeowners and renters insurance can offer financial protection when disaster or injury strikes. Consider the four coverage types that these insurance policies typically offer.
Personal Property Coverage
Personal Liability Coverage
If someone is injured on your property or their personal belongings are damaged, your home and renters insurance will cover the costs if you’re found liable. Personal liability coverage typically includes the costs of hiring your legal defense.
Medical Payments Coverage
If someone is injured on your property, your homeowners and renters insurance will cover limited medical payments for the injured party, regardless of whether you’re found liable for the accident. Medical payments coverage is intended for more minor injuries, given that the coverage limit is usually only a few thousand dollars.
Additional Living Expenses Coverage
If your home becomes uninhabitable during a covered event, your home and renters insurance policy can cover the costs of living in a hotel while your home is being fixed. Coverage for additional living expenses typically caps out at a dollar limit or a set time period (usually several months).
Experienced insurance agents can show you more about how home & renters coverage can offer considerable financial protection against unexpected events.