There are many benefits to invest in renters insurance. One of the most common mistakes that tenants make is assuming that the landlord’s insurance will cover their belongings in the event of loss or damage. In addition, tenants may think that renters insurance is too expensive. However, the common myths associated with renters insurance that keep tenants from purchasing it can end up costing much more in the long run.
It is imperative to always read the fine print in your lease. You may assume that your landlord is liable for damages caused by leaky roofs or broken appliances, but there could be a clause in your lease that negates landlord liability, such as for theft, or injuries to a guest visiting your apartment. Also, your lease may require you to obtain renters insurance, especially if you live in an expensive apartment.
If a guest slips and falls, trips, or has any other accident in your home, you may be liable for injuries and medical bills should your guest pursue you for damage because of your negligence. It is simple to assume that guests are safe in your house, but if they happen to injure themselves falling down on a loose step, or a heavy painting falls and hits them in the head, the medical costs can get quite expensive. If your pet bites a guest you may also face some pricey medical bills.
Issue with Theft
In the event that your home gets burglarized, your landlord will not be responsible for anything stolen, assuming that your landlord is not legally responsible for the break-in. For example, some states require landlords to provide minimum-security measures, and should a break-in occur because the security was not properly provided, your landlord may hold some liability. However, if your landlord is not responsible, the chances of recovering your valuables are typically slim, but renters insurance will protect your stolen property as long as it is listed on your policy and you meet the coverage limits.
If your rental home and property is damaged because of a natural disaster, such as wildfire, hail, or tornado, the landlord may or may not repair the home damages, but your personal property usually isn’t covered. Renters’ insurance will protect you in the event that a natural disaster occurs, but keep in mind that a few natural disaster coverage options are considered “riders,” which means they are add-on coverage, such as earthquakes or floods.
If you are unsure about what renters policy to invest in, make sure to contact us. We can answer any questions or concerns that you might have. Being aware of your insurance policy can help protect you, your family, and your belongings from any unforeseen damage that may occur. Make sure to contact us with any questions you may have.