The personal property coverage in a renters insurance policy helps cover belongings from certain risks, often described as "perils." A renters insurance policy may help pay for damage caused by perils such as:

Hail
Lightning
Windstorms
Wildfire
Weight of ice, snow or sleet

Suppose items you own are damaged by wind from a hurricane or tornado, for instance. You may find that renters insurance helps cover the cost of repairing or replacing those belongings. When you buy a renters insurance policy, you can typically choose whether you want replacement cost coverage or actual cash value coverage. Replacement cost coverage helps reimburse you for the amount it would cost to buy a similar item today, while actual cash value coverage helps reimburse you for the depreciated value of item before it was damaged. The type of coverage you have will help determine how much your policy pays toward a covered claim.

Keep in mind that limits and a deductible may apply. Your personal property coverage limit is the maximum amount your insurer will reimburse you for a covered loss. It's important to consider the value of your belongings and set a coverage limit that fits your needs. (You may find that renters insurance provides less coverage for certain valuables, like expensive jewelry. You can typically purchase additional coverage for those types of belongings.)

Your deductible is the amount you're responsible for before renters insurance reimburses you for a covered claim. For example, if your deductible is $500 and $5,000 worth of your belongings are damaged by a wildfire, your insurer would likely pay $4,500 to help you replace the damaged items (or up to the amount of your coverage limit).

Read your policy or contact your insurer to learn what types of storms your policy covers and how much protection it offers.