Renters insurance is insurance coverage against damage to tenant’s property, which may be caused by perils such as theft, fire, and vandalism. This insurance policy does not cover the landlord/owner of the building against such perils. A landlord/owner has the responsibility of insuring the building and structures but is not liable to any damage to property belonging to the tenants.
Most homeowners understand the significance of insuring highly valuable items in your house, but many tenants view it as a needless bill. A common assumption (but a big mistake) among many tenants is that the landlord’s insurance policy covers all their belongings against damages, but landlords rarely insure any tenant’s property against damage or loss. Here are five reasons renters insurance in needed:
Electrical Fires
The landlord may or may not be liable to damages caused by electrical faults. This depends on the agreement of lease, but in most rentals the landlords don’t cover electrical fire damages (including smoke damage). The liabilities of fire damages include if it spreads to other people’s properties. Therefore, renters insurance will protect you from such damages.
Your Own Damage
Landlords are never liable for any damage that you cause yourself, such as breaking a window unintentionally. But breaking a window may result in other damages such as water damage due to rain coming through the window or wind knocking over objects. Water damage can occur from an overflowing tub, sink or toilet. These kinds of property damages are covered by renters insurance. However, you should note that no insurance company covers for any intentional damage.
Theft and Burglary
Most Landlords are not responsible for theft that occurs in the rental property unless negligence can be proven. If your property is stolen, you will not be compensated by the landlord. Renters insurance will cover these items.
Damages Caused by Natural Disasters
Damage that occurs as a result of natural disaster such as tornado or wildlife, the landlord may fix damaged structures and the building but your individual property would not be covered. However, renters insurance covers loss of personal property in the event a disaster occurs.
Visitor Injuries
If a visitor has an accident while in your rented house, you might be liable for medical and rehabilitation costs. Common types of accidents that may occur include: falling down steps, being struck by an object, and pet bites. Renters insurance policies include liability coverage to handle such accidents.
Protect yourself and your property by getting renters insurance. Getting insurance may save you financial losses in the future.
For an experienced insurance agent, contact Greg Suggs Insurance Agency at 919-875-8889.
