More and more landlords are now requiring tenants to have renters’ insurance. The benefits of having this insurance far outweigh its nominal cost, which is typically less than $200 annually.
While we are not insurance experts, here's our thoughts on what you may need to know:
What Renters’ Insurance Covers
Personal Items
Renters' insurance can reimburse you for the loss of personal items such as TVs, computers, clothing, and more if they are damaged due to fire, theft, vandalism, or water damage.
Liability
While your landlord’s policy covers certain claims, renters' insurance adds an extra layer of protection for you. Standard coverage usually provides up to $100,000 in liability protection.
Loss of Use
If your rental becomes uninhabitable due to a covered disaster, renters' insurance can cover the cost of temporary relocation. This includes expenses like hotel stays and sometimes the cost or partial (increased) cost of meals while your home is being repaired.
What Renters’ Insurance Does Not Cover
Earthquake and Flood Damage
These events are generally covered by the landlord's insurance, if any, but you may be able to add coverage for them to your renters' policy. Again, your items are not covered by any landlord’s policy.
Roommates
Typically, renters' insurance only covers one individual and cannot be shared among roommates.
High-Value Items
There are limits on coverage for expensive items like jewelry, art, and other valuables. You might need to purchase additional policies to cover these type of high-priced items.
Final Tips
Remember, not all renters’ insurance policies are created equal. It’s crucial to read your policy thoroughly to ensure it covers both liability and personal items. Coverage is determined by your individual policy, so make sure to review yours carefully with your insurance provider. Also, for dog owners, make sure to ask your insurance agent if your liability policy is impacted by a dog.
We hope you found this information helpful. If you have any questions or want to learn more about our residential and commercial property management services, reach out today! info@managedbynoble.com
