Renter's Insurance
Why Do I Need Renter’s Insurance?
Renters insurance is the same as homeowner’s insurance, except for renters. When you rent, some think that the Landlord’s insurance covers you and your stuff too. But that is a misconception. Your Landlord’s insurance is only there to cover them and their property.
That’s why Renters insurance is so important! It covers:
- Personal possessions – coverage for your things (clothes, furniture, electronics, etc. up to your coverage limit.
- Personal liability – coverage if you’re ever legally responsible for an injury or property damage, like if you drop some water and a guest slips and sues.
- Medical payments – coverage for medical expenses if someone (other than a resident) gets hurt in an accident on the property.
- Additional Living Expenses – coverage for extra temporary living expenses if your place is damaged or becomes uninhabitable.
Renter’s insurance is very inexpensive. Much cheaper than other types of insurance. And if you bundle with your other existing policies, you could save even more.
Fires, theft, weather damage etc. can happen, and just as likely in a rental as they are in your own home. That is why your landlord requires you to carry a renter’s policy with a minimum of $300k liability. It makes sense! Please make sure Valentine is listed as an additional insured.