After shelling out your advance rent and security deposit, you may grumble about needing renters insurance for your new rental house or apartment. After all, you may figure, isn’t the benefit of renting that it’s the landlord’s job to handle property issues? Unfortunately, although landlords have many responsibilities, their obligations may fall short of your needs in certain situations. And while rental insurance isn’t mandatory, it’s always a good idea because of the protection in gives you in many emergencies. Let’s compare a few scenarios.
Your Landlord: Generally, landlords are required to maintain the walls and utilities of your living space in the case of fire, smoke, water or other damage. But that’s usually where their responsibility ends: If you lose valuables or need to toss out moldy furniture, that’s typically your problem to deal with. In addition, the landlord may seek recourse if you don’t report damage promptly.
Your Policy: Like homeowners insurance, renters insurance can cover your property in case of these unfortunate events. But it’s still your responsibility to know what’s covered and report it in a timely manner. Keep an inventory, including photos, of every item in your home and its value. Some items, like jewelry or specialized equipment, may require additional riders.
Your Landlord: Property managers maintain common areas, like hallways and laundry facilities. But they may not moderate disputes between neighbors. While landlords can require renters to follow certain rules, they may be removed from any responsibility over matters of personal injury, property damage, or legal disputes amongtenants.
Your Policy: Renters insurance can help you when “you can’t choose your neighbors” becomes reality. If someone sues you for an injury in your residence, renters insurance may help cover legal costs. Likewise, your policy can assist you when a neighbor damages your property or vice versa. Consider your deductible and coverage limits when choosing a policy: A higher deductible and lower limit may save you money now, but cost you more in a time of crisis.
Your Landlord: Fire, flood and theft can leave your rental home in an unsafe state. Your landlord may accommodate you in another property while repairs are being made, but they usually have no obligation to rehouse you or pay for a hotel room during this time. You might, however, receive a prorated portion of your monthly rent as reimbursement.
Your Policy: Check if your policy includes “additional living expense” coverage. This can cover the costs of temporary residence. As always, report these costs to your insurer as soon as possible. Speak to a knowledgeable We Insure agent to learn what expenses your policy covers and any time limits that may exist.
Renters have many of the same considerations as homeowners when it comes to insurance. Even if you have a good relationship with your landlord, don’t count on them to assist you in a crisis. Your helpful and knowledgeable We Insure agent can help you find the renters insurance you need at a price you can afford. Contact your local office today for a fast and free competitive quote.