Tenants, Landlords, and Leases

UNDERSTANDING RENTAL AGREEMENTS: Lesson 4

Should I Get Renter’s Insurance?

  • Renters’ insurance is an insurance policy that will not help pay for damage to the actual structure you rent. Many insurance companies offer it.
  • Renter’s insurance covers a tenant’s personal property against damage from things like fire, theft, and vandalism.
    • The owner of the building is responsible for insuring the building, but has no responsibility for insuring against damage to the tenant’s belongings.
  • Renter’s insurance can be a great idea if you would not be able to afford to replace your possessions damaged in some sort of disaster.
    • Renter’s insurance provides money to replace things lost if you make a claim for covered items after you have ALREADY bought a policy.
  • Renters insurance is fairly cheap, and can cover things like your furniture or electronics – unless you damage them yourself.
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