While your landlord's insurance may help pay to repair the building after a covered incident, such as a hailstorm or fire, renters insurance typically offers protections you won’t find in a landlord policy, says the III. Here’s what you’ll typically find in a renters policy:

Personal property coverage

This coverage may help pay to replace your personal belongings if they're stolen or damaged by a covered incident. For instance, if your rental unit is damaged by fire, renters personal property coverage may help to repair or replace damaged belongings, like furniture and clothing.

Liability coverage

If you’re found legally responsible for a visitor’s injuries or damage to someone else’s property, renters liability coverage could help cover the costs. For example, if you accidentally leave the bathtub running and the flowing water ruins the apartment below, this coverage may help cover the cost of repairs.

Additional living expenses coverage

If your apartment building is damaged by a covered incident and temporarily uninhabitable, additional living expenses coverage may help pay for temporary costs like hotel bills.

Keep in mind that these coverages will likely have limits, the maximum amount of money an insurer will pay for a covered loss, as defined in your policy. You'll also need to. This is the amount you agree to pay before your coverage kicks in to pay for a claim. choose a deductible. This is the amount you agree to pay before your coverage kicks in to pay for a claim.