In most occasions, tenants believe that their landlord’s insurance also covers their personal belongings within the residence. This is far from the truth. The owner’s insurance only covers the structure and specific liabilities. Some tenants feel that renters insurance is quite costly but the truth is that the absence of it is much more expensive long term.

Renters insurance becomes necessary in the following situations:

Injury

In situations where your guest may slip and trip, or experience any other accident on your premises, you may be liable for some injuries and medical bills in the event that your visitor pursues you with a lawsuit for damages. Accidents such as falling down on a loose stair, or a large frame dropping and hitting someone on the head, can be costly and stressful.  Also when your pet happens to bite a guest, you will have a peace of mind knowing you have insurance coverage. Make sure to speak with you insurance rep as not all policies cover dog bites.

Quick Fact: Did you know liability coverage also covers renters off the premises? For example, if you are walking through the grocery store and bump into someone who falls and breaks their arm, you would be covered, as long as it was an accident of course.

Personal Property

In the event a pipe bursts and floods the unit causing damage to your personal property, the landlords policy will not cover it.  However, when you have a renters insurance in place, this will shield you from paying thousands of dollars to replace your items. It is important to talk with your insurance provider to go over this type of coverage option as they can be considered “riders,” meaning they are add-on coverage, such as earthquakes, floods, and wind damage.

Quick Fact: Did you know personal property coverage also covers stolen items out of your car in the event it was broken into?

Landlords are infrequently, if ever, liable for damages caused by you, such as accidentally breaking a window, or falling items that were not secured properly by others. However since these sorts of accidents are among the prominent reasons for property damage, renter’s insurance will surely help cover the costs of replacing or repairing.

Consider this when you get renters insurance:

Deductible: Your deductible can vary depending on the policy you chose. That last thing you want is to find you need to pay $2,500 + in the event you need coverage. This is extremely important to know before committing to any policy.

Loss of Use: If you are displaced from the home during a fire or water loss, the “Loss of Use” protection gives you money towards additional living expenses like staying at a hotel. Ask Isabella for more details.

Taking Inventory of you belongings:

This is an important to do in case any belongings were stolen or damaged caused by a fire. First start by taking a picture of all your valuable items (artwork, jewelry, expensive electronics…), then take a picture of each room including closets, storage area and garages so there is a general idea of what you had. Make sure to save these pictures on google drive or dropbox.

At Patrize Properties – we require tenants to obtain renters insurance, and we can recommend you to an insurance agent we feel that can best assist. Renters insurance are identical to homeowners insurance and offers coverage for individual possessions against damages, protects against lawsuits, and other additional living expenses.