If you are renting an apartment, house, dorm room or condo, renter's insurance is an inexpensive way to cover your personal property and provide you coverage if someone else gets injured while visiting your place. Part of that coverage is to pay the injured person's medical bills. It can also help pay for any lawyer fees and settlements.
Renter's insurance will pay for a hotel or place to stay in the event your apartment is damaged by a fire, storm, or other covered events. It will also cover your belongings while off premises, which means that your belongings are covered while you are traveling or if you were to leave them in your car. As an example, if your phone, laptop, or luggage is stolen while away on vacation, you can file a claim to receive payment.