It is often a misconception that the landlord’s insurance covers a tenant’s possessions, accidents or some upgrades made by the tenant. Not all rental properties require the tenant to have tenants insurance on the lease, but it’s an affordable product with long-term benefits. Most tenants insurance (also referred to renters insurance), has coverages that provide the same benefits of homeowners insurance. The biggest difference between the two is that tenants insurance does not include coverage for the structure or common areas – that’s on your landlord’s policy.
Your basic tenants insurance usually covers your possessions, personal liability and medical payments to others. You should also be covered for losses caused by fire, smoke, theft, lightning, explosions, plumbing or appliance failures resulting in water damage, electrical surges, and vandalism. Depending on how you build your policy, it could include living expenses if any of the previously mentioned losses cause enough damage that you must reside somewhere else during repair.
Call Thorp & Trainer to find out 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. Our agents can inform you what other documents may be needed if you need to file a claim for any losses related to your possessions.
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 596.0146.
Content provided by UPC Insurance.