By: Lucas J. Arnold, AAI, CPIA | Business Development Manager
It is often a misconception that a landlord’s insurance policy provides coverage for a tenant’s possessions, it does not. A tenant’s insurance policy (aka renters’ insurance) is an affordable product with long-term benefits. Most tenant’s insurance provides benefits like a homeowners insurance policy. The biggest difference between the two is that tenant’s insurance does not include coverage for the structure. That is insured on a landlord’s policy.
A tenants insurance policy covers your possessions, as well as your personal liability. Some of the covered perils include losses caused by fire, smoke, theft, lightning, explosions, plumbing, or appliance failures resulting in water damage, electrical surges, and vandalism. A tenants’ policy also includes additional living expenses, if any of the previously mentioned perils cause enough damage that you must reside somewhere else during repair.
Call your account manager to discuss what coverage options will provide you the best protection based on your individual needs. It is also helpful to conduct a complete inventory of your personal items by taking pictures or videos. Tenants’ insurance may seem unnecessary until you need it. Don’t wait until it’s too late. For more information call Thorp & Trainer Insurance at 401.596.0146.