A common misconception for tenant's is that the landlords’ policy will cover their possessions in the event of a loss.  This couldn’t be farther from the truth.  The truth is a landlords' policy will be limited to providing coverage for damage to the building structure, the landlord’s equipment to service the property and liability coverage for the common areas, only. Landlord's insurance does cover a tenant’s furniture, personal possessions, or damage they might cause to the landlord’s property. The tenants are responsible for their own possessions. Tenants can also face suits for injuries others may incur when on their premises.  Renters insurance is designed to protect the tenant.

Renters insurance policies include:
  • Property – covers the tenants possessions, such as furniture and clothing.
  • Liability and Medical Payments – provides coverage for the tenant in the event someone is injured on their property.
  • Loss of Use – provides money for temporary residence until the tenant is able to relocate.
Renters policies are typically very inexpensive and well worth the cost.  Imagine for just a moment what it would cost to replace all of your possessions and pay for temporary residence until you can move back in.  It very well could add up to be tens of thousands of dollars. 

Do note, some renters policies will place a cap on certain types of property, such as cash, electronics, and jewelry.  So be sure to discuss the type of property you have with your agent when purchasing a renters policy.

Also, in the event of a claim, you will be required to provide an inventory list of all of the items you own.  We recommend keeping a list and photographs of your property and storing that list somewhere other than your rented property. Keep receipts for all major items you own also.

Click to get a free renters insurance quote or call us today at (306) 693-7640.
Posted 12:38 PM

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