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Renter’s Insurance is a Smart Choice for Renters and Landlords

What is 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 water damage from a burst pipe. I

n the second scenario, the rental property would pay for the damage. Renter’s insurance differs 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.

How Does Renter’s Insurance Work?

For Renter’s

Renter’s insurance is the only way tenants are guaranteed to be compensated for lost, stolen, or damaged possessions.

If you have a guest at your rental residence, they are injured on the property. You could be held responsible even if it’s not your fault that the guest was damaged. Renters insurance will shield you from liability for the injury and its subsequent medical cost.

Another reason to have renter’s insurance is that it will cover your personal property, even if it may be in the rental property. The policy could include having something stolen from your car or losing a suitcase on vacation.  Depending on the 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 glassware display at a department store.

For Landlords

By requiring your tenants to carry renters insurance, you protect yourself or your company from liability. 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 home and reduce the chance of a lawsuit from the injured party.

Requiring renter’s insurance means allowing tenants to have pets. Most renter insurance policies cover damage from pets to a specific size. 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 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 want the best for the tenants and want them to be protected, even if it’s not your responsibility.

Whether you are a tenant or a landlord-owning renters’ insurance can give you peace of mind that your possessions or rental property are covered.  On both sides of the renter’s insurance policy, the cost of lawsuits can be reduced or covered altogether. Regarding rental properties having renter’s insurance is the smart choice.

If you have questions about Renter’s Insurance or Rental Dwelling Policies, contact us at (863) 646-LOCK.

The Importance of Renters Insurance

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. Regardless of the situation, it would be best if you considered purchasing rental insurance. Many people do not realize that renters insurance features both reasonable yearly premiums and immense benefits to renters who buy it.

What are some of these benefits?

First, renters insurance can cover you in case of accidental damage to your rental property. While the landlord’s insurance often covers structural damage to their property, a renter is usually 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 – 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 by 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.