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What tenant or renter's insurance? Why do you need to know this definition? The MoneySense Glossary is your resource for learning and understanding financial terms.
Tenant, renter’s or apartment insurance is a policy that is similar to home insurance, but intended for those who don’t own the property where they live. It covers the cost of repairing or replacing your belongings if they are damaged or stolen. And it covers extra living expenses if you are forced out of your rental due to fire, flood or other accidental damage. Also, it includes liability coverage against claims from someone who is accidentally injured or harmed on your premises. Your landlord’s insurance will cover any damage to the building itself.
Example: “My computer got stolen, but my tenant insurance is covering the cost of replacing it.”
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