Renter’s or Tenant’s Insurance?

Renter's or Tenant's insurance is not required by law, but what happens if there's a fire, theft, or act of vandalism at the property you're renting? The landlord's policy will likely only cover damages to the part of the property of which they own and have a financial interest. It typically will not extend coverage to your personal belongings. What about personal liability? Renter's insurance is a good way to protect yourself against liability claims as well. Now you might think renter's insurance is expensive or unnecessary, but if a loss were to occur, you could be facing severe financial loss trying to recover from what might very well be a covered event. Coverage is typically included for your personal items and to protect you in the event of a liability claim.

Trusted Choice notes that in 2010, the average cost of renter's insurance in the United States was $185 a year. That's only a little over $15 a month to cover your personal belongings and personal liability in case a covered loss was to happen. Going back to the not so distant past, everyone remembers how Hurricane Irma caused a ton of damage to residents and businesses alike in Florida. Renter's insurance coverage, for those that had it, helped to pay for damaged contents as well as the loss of use of the home because of this event.

The following are just a few examples of where renter's coverage could come in handy:

  • If wind blew a tree down on the roof of the apartment or house you're renting, causing water to enter and damage your personal property, the damage to your furniture or electronics would likely be covered. Without this valuable coverage, you would be on your own to replace your personal possessions.
  • A few weeks ago, lightning struck an apartment complex in Riverview and started a fire. ABC Action News reported a total of 24 apartment units were damaged with more than 100 residents out of their homes. It is reasonable to imagine that these residents are not only without a place to live, but are also without their personal property. If this were to happen to you, a renter's policy could cover your property that the fire damaged as well as possibly provide funds for additional living expenses while you're out of your home.
  • If someone were to break into the apartment or house that you're renting to steal your belongings, your policy could respond and assist with providing coverage for the missing or stolen items. The policy would also respond if someone broke in and vandalized your property.
  • If someone injured themselves in the home or apartment you are renting and decided they wanted you to pay for their medical bills, your renter's policy provides for defense and coverage for bodily injury and/or property damage to third parties that results from your negligence.

If you would like to get a quote for renter's insurance, give our office a call at 863-683-2228 to speak to a licensed representative and go over what coverages you might need.