In general, the most common coverages for a residential renters insurance (HO-4) policy from Azibo are:
Personal Property: This coverage protects your personal belongings and property, including furniture, clothing, cookware, dishes, televisions, and other electronics.
Deductible: This is the amount out-of-pocket that the renter is responsible to pay in the event of a covered loss before the insurance policy pays. This applies to a renter’s personal property coverage as well as any liability or medical claims the renter may make throughout the life of the policy. The deductible resets for every claim, so each time there is a covered loss, the renter will be responsible for the deductible’s amount for that individual claim.
Additional Living Expense: Should your apartment or rental property become uninhabitable due to an incident covered in your policy, Additional Living Expense (aka Loss of Use) coverage is part of your selected personal property coverage. The coverage is designed to help you cover the extra costs associated with relocation and time spent not inhabiting the rental property. This may include additional costs like laundry facilities, a hotel stay, restaurant bills, rental costs, storage, accommodations for a pet, etc. The idea is that this coverage is for extra costs over and above a renter’s normal expenses, and that the cause of these extra costs is the covered incident.
Liability: Liability coverage protects the named insured(s) in the event of negligent damage to the property, the community (if applicable), or other residents.
Medical: If someone is injured on the property you rent and seeks medical attention, this coverage will pay for medical treatment.
Water/Sewer Backup: Our renter’s insurance policy offers water and sewer backup, which pays for damage to your personal property as a result of water that backs up through sewers or drains.
Pet Damage: This is an endorsement that covers up to $500 in excess of your security deposit or special pet damage deposit for damage caused to your landlord’s property by a tenant’s pet.
Bed Bug: Up to $500 is reimbursed to the insured if they cannot inhabit the property and incur additional living expenses due to a bed bug infestation.