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Renters Insurance

The many benefits of having the right insurance
Many landlords require renters insurance today. But whether or not it is required on the lease, tenants should take advantage of the extra protection that the right insurance policy will offer them. Many people still make the mistake of thinking that they are covered by their landlord’s insurance. That is just not true. The building owner’s policy will cover their structure, or the dwelling itself, but not the belongings of the people living there. Insurance can also beef up a renter’s financial security in other ways. First of all, It offers protection from lawsuits if people are injured on the rented property. The liability portion of coverage will pay many of the legal costs associated with defending against a lawsuit. Insurance will also help to cover the medical bills if a guest or visitor is injured on the tenant’s property. Additionally, the policy will come to the rescue by helping with living expenses, if the rented property is so damaged in a covered incident 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
•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

Many insurance companies have a convenient online quote tool for clients to see how reasonable coverage can be. Renters should discuss their individual circumstances with an insurance agent to find out how much coverage is appropriate for their needs, and to have individual questions about coverage answered.