When people hear about home insurance, the major thing that comes to their mind is that only homeowners should get home insurance. However, with a large number of Americans who rent houses, estimated at over 111 million people, insurance companies also provide insurance covers for renters. This article will define renter’s insurance and discuss the three categories of renters’ insurance policies.
Definition of renter’s insurance
Renter’s insurance policies are insurance policies that are targeted towards people who have rented a house. Even though it would not be expected that the renter should be responsible for a house when there is an issue with the house, there are a lot of instances where the renter could be liable. This is especially when the event happened as a result of a costly mistake made by the tenant. Lemonade Home Insurance is one of the companies that offer renters’ insurance. Some home insurance policies that renters can opt for are discussed subsequently.
Insurance for extra living expenses
A renter can take this type of insurance policy to cover for some of their expenses. For instance, if the tenant’s unit gets damaged or there is an incidence where the renter requires a temporary …