Renters insurance is an affordable way to cover your belongings and potential liability—whether you’re renting an apartment, condo or house. When you rent, you will need to protect your personal property and insure against others’ claims of damage or injury. Contrary to what some believe, your landlord’s insurance does not offer you that protection.
The landlord of your rented home has insurance, but it probably only covers the building or structure where you live… not your belongings or your liability for accidents. If your possessions are stolen during a break-in or damaged by a fire or severe weather, a renters insurance policy will allow you to recover their value. If someone is injured during an accident in your home, renters insurance can help protect you in the case a liability lawsuit.
Even if you think you own very little, it adds up fast… your clothes, electronics, jewelry, furniture…You may have several thousands of dollars or even tens of thousands in property that would need to be replaced. A renters insurance policy is inexpensive, often less than a dollar a day, and gives you peace of mind. The unexpected can happen at any time. That small daily cost will save you thousands.
For particularly valuable items, like jewelry, antiques, artwork, firearms…, you can add a personal articles policy to cover it.
Typically, there are two types of renters insurance policies available and they differ in their method of reimbursement.
Many landlords require in their leases that tenants carry renters insurance and you must provide a copy of your insurance policy before you sign the lease. Often, the landlord must be listed as an “additional insured.” This ensures that a renter or tenant understands that the landlord is responsible only for his building and not for the renters belongings or damage to the property. It also ensures that the tenant has coverage for them and both parties are protected.
Our experienced agents are always happy to review your current renters policy and answer any questions you may have about your insurance. Contact Boizelle Insurance Partnership to discuss your personal situation and what type of renters policy will provide you the best and most complete protection.