Why Should a Renter Have Insurance
March 9, 2020
Why Does my Landlord Care if I Have Renter’s Insurance?
If you’ve been a renter for more than a couple years, you’re probably aware that most landlord and property management companies require you to carry renter’s insurance. You’ve probably asked yourself, why does it matter to my landlord? In most cases your landlord is only requiring you to carry one type of insurance and that’s personal liability insurance. Personal liability insurance is built into almost every renters insurance policy. Therefore, it’s easier for a landlord to simply ask that you get a renter’s insurance policy. Mandating that you carry personal liability coverage is a way for the landlord to protect themselves financially from certain losses. You, the tenant, should be the named insured on a renter’s insurance policy. It’s not uncommon that your landlord or property manager asks to be named as an additional insured or an additional interest.
Let’s say your dog bites and injures a neighbor. The neighbor might file suit against you, for being the dog’s caretaker. They may also sue the homeowner and property management company for allowing you to keep a ‘dangerous’ dog. If the landlord and property management company are both additional insureds on the policy, it provides them with coverage as well.
Renters insurance is a great value and provides additional coverages to you, then just liability. The typical renter’s policy includes three major coverages. The first one being liability, the other two are personal property and loss of use.
Personal Property is the coverage that most people think of, when they think of renter’s insurance. This is coverage for your stuff. Personal property covers your clothing, furniture, tvs, home décor and just about everything else in your home, with some exceptions. Most policies have a minimum requirement for personal property of around $5,000, however, the average person owns over $20,000 in personal property. If there was a fire in your home, how financially devastated would you be? Would you be able to repurchase all your things? Renter’s insurance provides coverage for your things in the event of a loss such as theft, vandalism, fire, wind, and other losses.
Loss of Use is the third coverage that makes up a typical renter’s policy. Loss of use pays for your additional living expenses in the event of a covered claim. Imagine waking up to a burning building! If you have a renter’s policy with loss of use, you could check into a hotel and have somewhere to live until you find replacement housing and it will likely be paid for (up to your policy limits).
Renter’s insurance provides several great coverages and is one of the least expensive insurance policies you’ll ever purchase. In fact, oftentimes, the cost of renter’s insurance is less than the discount you receive on your auto insurance, when you bundle with the same company. This means renters insurance may cost you nothing additional a month than what you currently pay for car insurance! The team at Premier Mountain Insurance
are happy to help you with your renter’s insurance, as well as auto insurance and life insurance.
Call or text today! 303-452-6662. You can also purchase coverage directly from this link!
Coverage is dependent on policy language and claim scenario. Talk to your agent or claims adjuster for specific information regarding your claim.
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