A renters insurance policy is a group of insurance coverages designed to help protect residential or home renters and their belongings against certain risks.

A typical renters insurance policy includes four types of coverage that help protect renters and their belongings after a covered loss:

• Personal property coverage helps pay to replace belongings you keep in your rented home if they are stolen or damaged in certain situations, such as a fire.

• Liability coverage can help prevent you from paying out of pocket if you are found legally responsible for another person's medical bills after they are injured in your home.

• Guest medical coverage helps pay for reasonable and necessary medical expenses—such as the cost of X-rays, medical treatment, or an ambulance—if a guest is injured at your home—even if you're not at fault.

• Additional living expense coverage may help pay for additional costs you incur, such as temporary housing, if your rented home is left uninhabitable by a covered risk, such as a fire.

Renters insurance helps pay to replace stolen belongings, up to the coverage limit stated in your policy. Reimbursement for stolen items may be based on their depreciated value or replacement cost, depending on what type of coverage you select.

Certain valuables, such as expensive jewelry, may have more limited coverage under a standard renters insurance policy. If you have expensive jewelry or valuable artwork or collectibles in your rented home, you may want to add an endorsement or rider to you renters policy to increase the coverage for those personal property items. You may have to get an appraisal of their value to schedule such items for additional coverage on your renters policy.

In California, renters insurance is a form of property insurance that provides coverage for tenants living in rental properties. The typical renters insurance policy includes personal property coverage, which compensates for the loss or damage of the renter's belongings due to events like theft or fire. Liability coverage is also included, which can protect the renter from financial loss if they are found legally responsible for someone else's injuries on their premises. Guest medical coverage is available to cover medical expenses if a guest is injured in the rental unit, regardless of fault. Additionally, additional living expenses coverage can assist with costs such as temporary housing if the rental unit becomes uninhabitable due to a covered peril. Renters may choose between actual cash value or replacement cost coverage for their belongings, with the former considering depreciation and the latter not. For high-value items like jewelry or art, a renter may need to purchase additional coverage through an endorsement or rider, which might require an appraisal. It's important to note that while renters insurance is not mandated by California state law, many landlords require tenants to carry it as part of the lease agreement.