Why Get Renter’s Insurance: It’s AffordableRenter’s insurance is extremely affordable. The national average is around $187 a year for a policy, and that comes out to less than $16 per month. There’s no reason not to have it. The coverage is cheap and worth every penny.
What Does Renter’s Insurance Cover?Renter’s insurance covers all loss of personal property. If there’s a fire, or a lightning strike that takes out a television or a computer, or a rain storm that causes a roof leak, your personal property is covered. Whether you suffer a loss due to snow, ice, theft, or vandalism, your damage is covered. A renter’s insurance policy will cover all your personal possessions.
Landlord RequirementsWe do require renter’s insurance, and many landlords and property managers will need tenants to have it before moving in. Proof of rental insurance could be a requirement of the lease. As landlords and owners, we will hold insurance that only covers the building. That insurance does not cover a tenant’s personal possessions in the property. If you don’t have renter’s insurance and there’s a leak that damages your electronics, the owner will cover the structure, but not your property. Rental insurance does cover it. If you’re a landlord looking for a property management company, it’s a good idea to ask if they require tenants to have this policy in place.
How Does Renter’s Insurance Work for Liability?A renter’s insurance policy also provides liability coverage. If someone is injured in your home, that will be covered under your policy. It can also help cover tenants for any damage they might cause. For example, if there’s a fire that the tenant caused, the renter’s insurance will cover it.
All these points are good things to discuss with an insurance agent. Renter’s insurance is cheap and highly protective towards tenants. It’s a great thing to have. So, if you’re a tenant looking for a rental, talk to an insurance agent even if your landlord doesn’t require it.