A standard renters insurance policy typically provides the following coverage:

• Your belongings – Renters insurance can help you repair or replace any damaged or stolen personal items, such as computers, bicycles, TVs and furniture.
• Lawsuits and medical bills – If someone brings a claim or lawsuit against you, renters insurance can help you pay for your defense and court costs. It can also pay for medical expenses for guests who are accidentally injured in your unit.
• Emergency living expenses – If you’re forced from your unit or building due to a covered event, renters insurance can help cover costs such as alternate lodging and other living expenses.

Your insurance policy’s declarations page is a document that summarizes some key information about your policy. Also known as a “dec page,” it explains things like how much coverage you have, when your policy takes effect and how much it costs. Put simply, it’s an overview of the key parts of your insurance policy.

Renters insurance rates are based on a variety of different factors, such as how much coverage you need, the location of your apartment, and your claim history. Each insurance company decides what factors are important and how much weight to give each factor.

Your renters insurance deductible is the amount you pay out of pocket before your insurance kicks in. A higher deductible means you’ll pay more out of pocket in the event of a claim, but it could also lower your premium.

Your renters insurance policy won’t cover your roommate’s belongings. To make sure their stuff is covered, you should have two separate renters insurance policies or one policy with both of your names on it.