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Is Renter’s Insurance Necessary?

Many tenants assume that the landlord is responsible for insurance. However, this is only partially true. While it is the landlord’s responsibility to have insurance on the property, this insurance only covers the house and property, it doesn’t usually extend to cover a tenant’s personal property.

Read on to discover why renter’s insurance is important, and see why it is often required by landlords.

Protects Tenant’s Personal Property

While a landlord’s home insurance policy covers the house, renters insurance covers tenant’s personal property inside the house. Most renters’ policies offer valuable coverage for belongings in case of damage caused by fire, windstorms, or even theft. However, most do not cover flood damage. When taking out a policy, it is important to check the level of coverage, to ensure you are covered in this area as well.

Tenant Liability Protection

Accidents happen, but unfortunately, if an accident happens in a house you are renting, you could potentially be held liable –even if it wasn’t directly your fault. In case of a lawsuit, a renter’s insurance policy can protect you from liability.

Additional Living Expense Coverage

During a disaster, the last thing you want to worry about is how you are going to afford a hotel until you can find other accommodation. Most renter’s insurance policies cover additional living expenses in case of a disaster, and will pay for your lodging, giving you a place to stay until you can find another home. Should your home you are renting become damaged by a windstorm, fire, or other disaster that is covered in your policy, your renter’s insurance will pay for a place for you to stay.

While renters insurance is optional in many places, often times having renters insurance can save you money in the long run. It can also provide you with peace of mind. For more information on renter’s insurance, or to receive a quote, contact Katy Insurance today. (877) 952-1010