One thing that continues to surprise us is the number of people we talk to about car insurance that haven’t bothered with renters insurance. When we ask them why, we have discovered many misunderstandings about renters insurance, also called tenants insurance. If you rent an apartment, condo or house, please let us clear up some common myths about renters insurance.
It is surprising to most people, homeowners or tenants, how quickly the value of their belongings adds up! If a break-in happened and the most valuable things you have were taken, how much would it cost to replace them? Making a home inventory list of everything you own – clothing, furniture, electronic devices, small appliances like microwaves, toasters, coffee makers, etc. – can be an eye-opening exercise (and it’s a very valuable document for insurance purposes.)
While it is most likely true that your landlord has insurance, it doesn’t protect you or your possessions. Your landlord’s insurance protects the building they own and covers their liability if someone is injured on their property and files a lawsuit against them.
Unless your landlord is your mom or some other caring family member, your landlord does not ‘owe’ you shelter if the building is damaged in a storm or fire. If repairs or restoration take weeks or months, you will be responsible to find and pay for your own temporary place to live if you don’t have renters insurance to help you.
This is a true statement for common areas of the building you rent in, unless of course you caused the accident, and then you could be held responsible for all damages. You are also responsible for accidents inside your own unit, so you are liable for an injury to a visitor, someone you have hired or a delivery person. You are also responsible for any harm caused by your pet, if you have one.
In fact, renters insurance is quite inexpensive because it does not cover the building you live in (the landlord’s insurance does that.) For not much more than ordering in dinner once a month, you can be reassured knowing that you and your belongings are well protected.
Our team of insurance experts would be happy to get you some no-obligation quotes and answer any insurance questions for you. Contact Mitchell & Whale Insurance Brokers at 1-800-731-2228 or firstname.lastname@example.org.
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