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Renters Insurance

Good renters insurance gives the tenant protections that will not be provided for in the insurance held by the landlord. Many tenants erroneously think that if some loss event were to occur on the property,  they would somehow be covered by the landlord’s own policy. Nothing could be further from the truth. Only renters (also known as tenant) insurance protects the renter.

Most renters policies include coverage for theft and vandalism. For example, if personal items such as jewelry, equipment like computers, art or furnishings are stolen or damaged, the renter may quickly and easily have the compensation necessary to replace or repair these items.

Policies of this type also cover injuries. The landlord’s insurance will sometimes cover injuries that take place on the property, but it won’t help with injuries that happen inside the apartment that are the result of tenant actions. In other words, if someone visits your rental home and, say, stumbles over a rug and breaks a limb, your rental insurance will help cover the costs of his or her medical treatment.

In addition to theft and injury, this kind of coverage also safeguards the policyholder from various acts of nature, such as fire or floods. It also provides compensation to replace furnishings or other personal items destroyed in the event. Some plans even offer compensation for temporary lodging should the rental unit be unlivable.

In the end, renters insurance protects tenants from a myriad of possible issues. Start a conversation today with your insurance professional to discover what kind of coverage would best suit your situation.