If you are renting an apartment, condo, home, or really any property at all, it’s possible that your landlord requires you to obtain renters insurance. This is because most landlords or rental companies understand the great benefits of renters insurance.
If you are not required to obtain renters insurance, do you still need it?
The answer is, yes!
Unfortunately, many renters choose to forgo this valuable insurance coverage. We get it, many times renters insurance may seem like an extra unnecessary expense. Your landlord must have some sort of insurance coverage after all. Right?
While it is correct that your landlord has insurance coverage, it won’t cover the same items (your belongings) that your renter’s insurance will.
What is Renters Insurance?
Your landlord’s policy will cover the building itself. Renters insurance is designed to cover the repair or replacement of all your possessions (subject to your coverage limits and deductible) if they were to be damaged or lost to unforeseen incidents. This could include fires, storms, thefts, tree falls, and more. It also covers you financially in the case of a liability or lawsuit.
What Does Renters Insurance Cover?
Most renters insurance policies are broken down into four sections that cover:
- Your personal property: Any of your personal belongings from clothing, furniture, electronics, jewelry, and more
- Loss of use: If your rented home were to become uninhabitable due to damages, Renter’s insurance will provide temporary housing.
- Medical payments: Renters insurance can help cover medical bills for those injured on your rented property.
- Personal liability: If someone is injured on your renter’s property and sues you, renters insurance could help cover expenses and damages.
What Renters Insurance Doesn’t Cover
- High-risk dog breeds
- General wear and tear
- Damage from lack of maintenance
- Intentional bodily injury or property damage
- Any damages beyond your coverage limits
- Anything covered under your landlord’s policy
Do I Need Renters Insurance?
If you are renting a property it is always recommended you purchase renters insurance. The benefits of renters insurance far outweigh the small cost. To see how affordable renters insurance near Springfield, Ohio could be for you, contact our team of independent insurance agents at Link-Hellmuth Insurance.