If you are renting a house, condo or apartment, you may not think you need insurance – after all, your landlord has insurance, right? While their insurance covers their investment, it doesn’t protect any of your personal property or cover you or your pet for liability. What would happen if:
- Your Burlington, NC rental home was burglarized and your possessions were stolen
- A friend or guest slipped and injured themselves in your kitchen
- The condo you’re renting suffered water damage
- Your apartment building or complex burned down
- Your dog bites a guest in your rental home
If you don’t have renters insurance, you don’t have coverage for personal property loss or damage, or personal liability. So, what is the difference between renter insurance and landlord insurance, and why do you need the extra coverage?
Landlord Insurance Is For the Landlord
Your landlord’s insurance is designed to protect their investment property, such as the building, other structures, and equipment used by the management. It covers them in case of an event such as natural disasters, rental damage, vandalism, and liability. Some of the events landlord insurance covers are:
- Damage or vandalism by tenants or their guests
- Theft or burglary by tenants or their guests
- Legal expenses required to evict a tenant
- Loss of rent
Renters Insurance Protects You, the Renter
People often think that they don’t have enough personal property to warrant the expense of renters insurance. But, you probably have more belongings than you realize, and it would cost a lot to replace them if need be. Consider what you own, what you’ve got to lose, and what the replacement costs would be on all your:
- Clothing, shoes, accessories
- Small appliances
- Television, stereo, or entertainment system
- Musical or sporting equipment
- Computer, laptop, tablet
What Does Renters Insurance Cover?
Renters insurance coverage protects your personal property in the event that it is damaged, stolen, or destroyed. Your specific renters insurance policy will state exactly what you’re insured against. If you’re not sure how to select a policy, ask your Don Allred Insurance agent what type of coverage would be best for you. Your policy may cover some or all of the following:
- Fire or lightning
- Accidental discharge of water
- Vandalism or malicious mischief
Your renter’s policy will also include liability protection that covers injury and medical expenses to another person who is hurt while they’re on your property and can even pay for your legal defense. Many Burlington, NC landlords require their tenants to buy a renters insurance policy with specific liability limits, especially if you own a pet.
If you are confused about how best to protect your possessions in a rental home, let Don Allred Insurance help. Call us today – our friendly agents can help you determine which rental insurance policy is right for you.