When a person chooses to rent instead of purchase a home, they will not be responsible for damage to the structure due to storms, fire or flooding as long as they weren’t responsible for it. However, even though the property owner or their insurance company will cover the repair costs for the building, they aren’t likely to replace any contents of the rental unit. It’s up to individual tenants to purchase Renter’s Insurance if they want coverage for their personal property inside a rental home.
Some people won’t buy rental coverage because they feel like the property where they live is very safe, and the cost of their personal items doesn’t justify the expense. It’s important to understand that this type of insurance covers more than the catastrophic damage that could result in loss of everything in the home. It also covers things like vandalism, burglary, and liability.
Few renters realize they could be sued if one of their guests is injured at their apartment. Whether the person was hurt on accident or due to the negligence of the tenant, the tenant could be held responsible for their medical bills and their salary while they are unable to work. Renter’s Insurance protects a tenant personal assets if something like this ever happens in their home. In addition to paying the medical bills of the injured person, the insurance policy may also cover legal fees associated with the case.
Because the structure is covered separately under the property owner’s insurance, rental coverage is a lot more affordable than home owner’s insurance. Anyone renting an apartment or thinking about renting a home can Start an Online Quote Now to find out how much it would cost to protect their belongings and their future earnings with rental insurance.
More and more landlords require tenants to carry separate rental insurance. This protects the landlord as well as the tenant from any significant losses if the rental unit is vandalized or burglarized. Since rental insurance rates are often less expensive for tenants who take extra safety measures, such as installing an alarm system, the home may actually be safer for tenants who have insurance coverage. Visit Coastautoinsurance.com for further details.
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