Renters Insurance

Many landlords require renter’s insurance today. But whether or not it is required on the lease, tenants may want to take advantage of the extra protection that the right insurance policy will offer them. Many people assume that they are covered by their landlord’s insurance.  The building owner’s policy will generally cover the owner’s structure, or the dwelling itself, but generally not the belongings of the people living there. Renters (or “tenants”) insurance can also protect a renter’s financial security in other ways. It offers protection from lawsuits if people are injured on the rented property. The liability portion of coverage may pay many of the legal costs associated with defending against a lawsuit. Renters insurance may also help cover medical bills if a guest or visitor is injured while on the tenant’s property.  Additionally, the policy may come to the rescue by assisting with living expenses, if the rented property is damaged in a covered incident to the extent that the tenant can no longer stay there. Finally, coverage travels alongside the tenant and can help to pay for items that the renter accidentally damages or destroys on another’s property.

For a modest investment, a renter can breathe easier, knowing that their possessions and financial liabilities are protected with an insurance policy designed for them. Common policies typically cover 16 different types of threats. Some of the more commonly used coverage may include:

  • Fire, lightning
  • Windstorm, hail
  • Damage from smoke
  • Vandalism
  • Theft
  • Weight of snow, ice, sleet
  • Leakage or overflow of water or steam
  • Freezing of plumbing, heating, air conditioning
  • Short-circuit damage caused by electrical appliances