“The homeowner's insurance will cover that,” is one of those infamous statements that many people wrongfully believe when they are renting the place where they live.
People tend to forego purchasing renters insurance of their own due to this belief, too.
It can become a costly mistake.
Homeowners Insurance Only Protects The Rented Building
Unfortunately, what many renters fail to realize until it is too late is that the homeowners insurance policy protecting the building will not cover their belongings if something happens to them.
Tenant property is not the responsibility of the landlord unless it is specifically outlined in a special policy from their insurance agency.
What Does Renters Insurance Cover?
What does that mean for renters?
The best way for renters to protect themselves is to purchase a policy from a renters insurance agency that will cover their belongings against theft, damage, and other losses.
Fortunately, getting renters insurance is easier, and more beneficial than most realize.
- Affordable - Most people do not realize just how inexpensive renters insurance can be. With low deductibles and monthly policies that can be as low as $15/month, this policy can pay for itself completely with just one claim.
- Covers Theft Inside and Outside - Renters policies from an insurance agency cover not only property damage, but also theft, whether items are stolen from inside the dwelling, or outside. This even includes thefts that happen away from home.
- Includes Liability Protection - Liability protection is something that many renters do not realize they need, too. Policies purchased from renters insurance agencies typically include a certain amount of liability protection in case someone gets hurt while visiting the renter’s home.
- Covers Displacement - When a rental unit becomes damaged to the point that it cannot be lived in until repairs are made, renters insurance agency policies will pay displacement expenses such as lodging and meals when proper receipts are submitted.
Having Renters Insurance Is Important
In summary, it is extremely important that anyone renting an apartment, house, or another dwelling protect themselves with appropriate renters insurance, as their belongings are not usually covered under the landlord’s policy that covers the building itself.
A policy purchased from a renters insurance agency covers belongings, liability, and even displacement should the building become uninhabitable for a time.
The only thing this policy does not cover is a roommate’s belongings, as each policy only protects an individual person or family.
When each party has their own inexpensive renters insurance policy, everyone can rest assured that their belongings are well protected!