Also called tenant insurance offers coverage similar to homeowner insurance for people who rent living space. Living space may include an apartment, condominium, single-family home or multi-family home, such as a duplex. Renters insurance is normally a special “package” that combines coverage for:

• Personal liability (protection against claims someone else makes against you). 

• Premises medical coverage (pays the medical expenses of others accidentally injured on the property you rent)

• Additional living expense (pays for your living expenses if the living space you rent is deemed unlivable). 

• Personal property (contents) coverage (standard renter policies only cover the actual cash value at the time of the loss) It does not cover the building, but it may cover any improvements you add (such as built-in book shelves or room partitions).