Is Renter’s Insurance Necessary?
If a landlord already has insurance, is it necessary for the renter to be required to have renter’s insurance?
Let’s look at it this way: A renter’s insurance policy is beneficial to both tenants and landlords. It offers a myriad of financial and legal protection to both parties. How so?
A landlord’s insurance does not cover a renter’s personal possessions or liability. So it’s important for tenants to protect themselves and their belongings from damage and theft. Renter’s insurance can seem like it has little value or reward to tenants… until they unlock the door to their newly-rented apartment and find the place flooded…or their belongings are stolen…or a guest trips over their rug and sues for a broken arm.
Renter’s insurance provides much-needed protection for tenants and their belongings, offering coverage such as:
- If personal property, such as pricey jewelry, is stolen, lost, or otherwise destroyed
- Against lawsuits if the tenant hurts someone or damages someone else’s property
- For reasonable medical costs if someone injures themselves in the tenant’s unit.
Research different plans and policies that will best suit each renter’s needs. Most typically start at $8 per month.