Renters insurance covers your belongings (theft, fire, some water damage), your liability if someone’s injured, and living expenses if the unit becomes unlivable. It does NOT cover the building — that’s the landlord’s policy.
Renters insurance is one of the most misunderstood — and cheapest — policies. It has three parts: personal property (your stuff, against theft, fire, vandalism, and certain water damage), liability (if a guest is injured or you accidentally damage others’ property), and loss of use (hotel/living costs if a covered event makes your place unlivable). What it doesn’t cover matters too: the building itself (landlord’s policy), floods and earthquakes (separate coverage), and often high-value items beyond sub-limits — jewelry and electronics may need scheduled riders. Landlords increasingly require it; either way, it’s inexpensive protection.
Usually not — policies cover the named insured. Roommates typically each need their own policy unless explicitly added.
Sudden events like a burst pipe are typically covered; flooding from outside is not — that requires separate flood coverage.
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