- Renters insurance (HO-4)
- A policy for tenants that covers personal belongings, personal liability and additional living expenses. It does not cover the building, which is the landlord's responsibility, and the landlord's policy does not cover your belongings.
- Replacement cost vs. actual cash value
- A replacement cost policy pays what it costs to buy a similar new item. An actual cash value policy subtracts depreciation, so a five-year-old laptop might be worth a fraction of a new one. The difference shown here is what you would pay yourself after a total loss with an actual cash value policy.
- Special limits (sub-limits)
- Lower caps a policy applies to certain property, such as jewelry, watches and furs for theft, cash, firearms, silverware and business equipment. If what you own is worth more, you can schedule the items on a rider or floater for their full value.
- Scheduled personal property
- Individually listed items, usually with an appraisal or receipt, covered for an agreed value and often for broader risks such as accidental loss. It costs extra but closes the gap between the theft limit and what your valuables are worth.
- Loss of use
- Coverage for additional living expenses, such as a hotel, higher rent or restaurant meals, while your rental cannot be lived in after a covered loss like a fire. Only the costs above your normal living expenses are paid.
- Personal liability
- Pays for injuries to others or damage to their property that you are legally responsible for, including legal defense — for example, a guest who slips in your apartment or a fire you accidentally start that damages a neighbor's unit. Limits of $100,000 to $300,000 are common.
- Home inventory
- A list, photos or video of what you own, with receipts for valuable items. It makes this estimate more accurate and speeds up a claim. Store a copy outside your home or in the cloud.