Personal Finance Tip of the Week: What is Renter’s Insurance?

Similar to HOI, renter’s insurance provides financial reimbursement to cover a tenant’s lost or damaged possessions as a results of things like fire, theft, vandalism, and a tenant’s liability in the event that a visitor is injured on the premises. Unlike HOI, which can cost several hundred dollars a year for a typical home, renters insurance often only costs around $10 or $15 per month. Not all policies are the same, but they generally all cover:
• Personal Property
• Personal Liability
• Medical Payments
• Property damage to others
• Additional living expenses

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