Who Is It For?

Those that are currently renting an apartment or other property should consider having a renters policy at all times. This type of policy provides many of the same types of coverage as a full home insurance policy but is designed for those that are renting as opposed to owning the unit. It provides a number of types of coverage that a renter could use.

Types of Coverage

One of the main types of coverage that you will receive with the renter’s insurance policy is liability insurance. Similar to when you own a property, you are taking on liability whenever someone comes to your rental property. If you have a guest that is hurt while in your home, you could be found liable even if you only rent the unit. The renters policy will provide you with the liability insurance coverage that you need.

Personal property coverage is also included in most renter’s insurance policies. This will provide you with coverage for your personal belongings in the event fire, storm, or another casualty damages the property. This will also provide you with coverage for theft and vandalism. Since your personal belongings will not be covered by the landlord’s home insurance policy, having the renter’s policy in place at all times is a necessity.

Requirements:
Having a full renters policy in place is almost always required under a lease. Landlords will frequently require that you provide them with evidence of your insurance before the start of your lease term. If you do not carry a policy, the landlord is taking on additional risk and will have the right to terminate the lease and have you evicted.