Often we speak with people who have just moved into a rental, inquiring about the “usefulness” of renters insurance. Not only is renters insurance useful, it is more than necessary. Most landlords have an insurance policy of their own to protect them from possible disasters. This only covers the things they own, like the building. When these disasters occur, all of your belongings are uninsured. That is where the renter’s policy comes in. Should a disaster occur to your rental house or apartment, this renters policy will cover your belongings. In addition, it will provide some liability coverage. Renter’s policies are often inexpensive and can often reduce the cost of your auto policy when you bundle both with the same insurance carrier.
You Mean My Landlord’s Property Insurance Doesn’t Cover my Apartment?
Landlord Property Insurance, also known as Rental Property Insurance, covers the landlord in three primary areas: property damage, loss of rental income, and liability. As such, it will pay for damages to their building for covered risks like fire, wind, hail, or snow. It also often applies to all of the properties they provide for your use, such as appliances and air conditioners. Should fire or storm damage render the property temporarily unfit to inhabit, it will cover their loss of rental income. As for liability, should you, or even one of your guests be injured on the property and sue them, the insurance company will step in on their behalf and try to settle.
Suppose a fire breaks out in the kitchen. The landlord is covered as we mentioned above, but you and your items? You are left to fend for yourself. Again, this is unless you have renters insurance.
Renters’ Insurance? It’s Up to You
These are but a few of the reasons a renter should always look into renter’s insurance. Have more questions? That is what we are here for. We are more than happy to guide you through the process of understanding a renter’s policy and finding the right one for you. Give us a call today to speak with a licensed agent, receive a free quote, and get your property insured properly.
