For the most part, your belongings decrease in value as time passes. Homeowners insurance offers two different types of coverage for your things:

• Actual cash value
  Covers the cost of replacing your belongings minus depreciation
• Reimbursement provision
  Covers the cost of replacing your damaged or destroyed belongings with new belongings of the same kind and quality at the time of the claim

What does a homeowners policy cover?

It depends where you live, but standard homeowners insurance policies will typically help pay to repair damage caused by certain risks or perils, including:

• Theft
• Fire and smoke
• Windstorm or hail
• Falling objects
• Frozen plumbing
• Water damage from plumbing, water heater, appliances and heating or cooling systems

What is renters insurance?

The place you rent is your home, and like a home, you want it protected. Renters insurance, also known as tenant insurance, is reliable, affordable and can cost less than you think.

Renters insurance policies, like home insurance policies, protect your belongings and your living space and typically includes other coverages like family liability coverage, additional living expenses and guest medical protection.

Who is renters insurance for?

In the event of a covered loss, renters insurance policies help protect you, your belongings, and your living space if you rent an apartment, house or any other type of property.