As a renter, the apartment or townhouse you live in may not require you to have renter’s insurance, but not having it puts your possessions at unnecessary risk. As a landlord, you can protect your tenants and your bottom line by making it part of a lease agreement. Here’s why if you’re are a renter or landlord you should consider renter’s insurance.
Renters insurance is a type of insurance that covers your personal property in a rental residence. It repays tenants for lost, stolen, or destroyed belongings. Renter’s insurance also covers vandalism, fire, and natural disasters. Most policies don’t cover flooding or something like water damage from a burst pipe. In the second scenario, the rental property would be responsible for paying for the damage. Renters Insurance is different from a Renter Dwelling Policy which covers the physical structure; renters insurance covers the tenant’s belongings (and liability) inside.
It’s not hard for tenants to purchase renters insurance, and it usually costs about $12 a month for most rental units depending on the scope of what the policy covers.
Renter’s insurance is the only way tenants are guaranteed they’ll be compensated for possessions that are lost, stolen, or damaged
If you have a guest to your rental residence, and they are injured on the property. Even if it’s not your fault that the guest was injured, you could be held responsible. Renters insurance will shield you from being liable for the injury and the subsequent medical cost related to it.
Another reason to have renter’s insurance is that it will cover your personal property even if it may be located in the rental property. The policy could include things such as having something stolen from your car or losing a suitcase on vacation. Depending on coverage, some renter’s insurance policies will cover damage to other’s property such as bumping into a crystal vase and breaking it, or your child knocking over a display of glassware at a department store.
By requiring your tenants to carry renters insurance, you protect yourself or your company from being liable. If someone gets injured in your tenant’s rental residence, you could be sued for medical costs, even if you are not responsible. Renters insurance would pay for someone’s injury in a rental residence and would reduce the chance of a lawsuit from the injured party.
Requiring renter’s insurance means that you can allow tenants to have pets, most renter’s insurance policies cover damage from pets up to a certain size. Obviously, it would not cover someone having a pet like a donkey in their apartment.
Requiring your tenants to have renter’s insurance would also cover relocation costs in the event of a fire or natural disaster. This benefit would keep your company from having to cover the costs of a hotel. It may be that you or your company just want the best for the tenants and want them to be covered even if it’s not your responsibility.
Regardless of if you are a tenant or a landlord owning renters’ insurance can give you peace of mind that your possessions or your rental property are covered. On both sides of the renter’s insurance policy, the cost of lawsuits can be reduced or covered altogether. It’s clear, when it comes to rental properties having renter’s insurance is the smart choice.Continue Reading
Many students are venturing to college for the first time, and may choose off campus housing. Or, maybe you have just finished college, and are looking for your first apartment on your own. Regardless the situation, you should consider purchasing rental insurance. Many people do not realize that renters insurance features both reasonable yearly premiums and immense benefits to renters who purchase it.
First, renters insurance can cover you in case there is accidental damage to your rental property. While the landlord’s insurance often covers structural damage to their property, a renter is often responsible for the costs if the accident is their fault (for example, a flood caused by the bathtub running over, or a fire during a cooking accident). Renters insurance may also be able to provide you with temporary housing while repairs are done to the structural damage.
Renters insurance can also protect you if someone is injured at your home. Household accidents happen every day – in fact, between 5 and 10 million Americans are injured in their home every year. If someone is hurt on your property, you could be sued for liability – renters insurance can protect against this.
Finally, renters insurance can protect your personal belongings. Going back to the example of a cooking fire, some of your kitchen appliances or other personal belongings could also be damaged in the fire. With renters insurance, everything from electronics to clothing could be covered from damages caused by theft, vandalism, fire and more.
To learn more about your options for Orlando renters insurance, contact Lock Insurance today for a free quote or call 877-709-8101.Continue Reading