When you rent a living space, you are not responsible for the physical structure of the home or apartment. However, this does not mean you can forgo coverage completely. As a renter, you are still responsible for your belongings and personal liability risks. Additionally, you will be responsible for covering the cost of temporarily living elsewhere in the event that your rental property is damaged and undergoing major repairs. This is why you need renters insurance. Here’s what you need to know about this essential type of coverage.
As the name suggests, renters insurance was designed with the needs of renters in mind. Naturally, these policies do not offer coverage for the physical structure of rented homes or apartments. Instead, they offer the policyholder personal property and personal liability coverage. Additionally, these policies also include loss of use coverage, which will pay for alternative living arrangements in the event that a rental property becomes temporarily uninhabitable.
In many cases, landlords will require tenants show proof of renters insurance before allowing them to sign the lease agreement. This ensures that they will not be held liable for issues experienced by the tenant. Even if your landlord does not require you to carry coverage, it is still in your best interest to secure this type of insurance. Having the right renters insurance in place will ensure that the cost of stolen or damaged belongings, personal liability lawsuits, or temporary living arrangements do not come out of your own pocket. Additionally, as one of the most affordable forms of insurance available, you can secure your finances at very little cost to you.
This is why you need renters insurance. Do you have additional questions regarding your rental coverage? If so, then contact the experts at Mike Leonard Insurance Agency. Our dedicated team is eager to find you the right coverage from one of our many carriers including: Kemper, MetLife, Nationwide, Travelers, The Hartford, Safeco Insurance, Progressive, and American Strategic Insurance.