From your belongings to renter’s insurance, it seems as though there are a hundred and one things you need to remember when moving into a new home. Renters have a lot on their plate and insurance is often put to the back of their minds. It’s understandable because your focus is on finding a suitable home and the stress of moving into that property. Renter’s insurance and contents coverage are often the last things more think about. However, it’s a vital part of the move.
Yet, thousands of renters do not believe renters insurance is something they will require for their new home. It’s not that uncommon, and it’s easy to see why so many put insurance to the back of their mind. So, do you actually need renter’s insurance?
What is Renters Insurance?
There are a few different types of renter’s coverage available, including:
- Liability Cover
- Contents Insurance
Having liability and contents coverage can be essential because they offer protection against most issues a renter is likely to face. Renters’ liability insurance deals with accidental damage to the property or any item that belongs to the landlord, such as built-in appliances and fixtures. Renters content coverage protects personal items against theft, fire, floods, and other such accidents.
Liability and contents coverage are crucial for most renters, especially if the landlord has left the apartment furnished. Accidents do happen and it’s easy to break items when you’re moving in or out of the home. It’s also easy to have everyday accidents in the home, but if those items belong to the landlord and are written into the rental agreement, you’re responsible for them. Having full renters’ insurance can be especially useful, to say the least.
Is It Necessary for You to Have Renters Insurance?
A landlord is liable for the building, but not for your items inside the home. Unless your rental agreement specifically states the landlord is responsible for your personal property, it’s up to you to insure them. Content’s coverage and liability are important for every renter and it’s wise to look at renter’s insurance.
Remember, any accident in your home – that causes damage to your personal belongings – is on your shoulders. If you want to repair or replace those items, you’ll be the one left out of pocket if you don’t have any insurance. Even if you don’t want to have liability renter’s insurance, you could just opt for contents coverage. This would ensure your items are protected after a theft, flood, or fire. However, liability renter’s insurance can be useful if you’re the one who accidentally causes structural damage to the home.
It’s entirely up to you whether you choose renters insurance, however, it’s important to remember that the landlord will not be responsible for replacing any of your items. Renters insurance can offer contents coverage that you would be liable for. It can be useful for most renters, no matter how short the tenancy may be.
Why Don’t Landlords Offer Contents Coverage?
It’s very unlikely for landlords to offer any type of renters insurance, especially contents coverage. Of course, that doesn’t mean to say a select few won’t be generous enough to add you to their personal policies if you’re renting a room in their home. However, they don’t need to and aren’t obligated to either. What’s more, it’s up to you – and each individual renter – to sort out rental insurance.
Content’s coverage is just as important for a renter as a homeowner living in their property. You don’t need to have expensive possessions either to be eligible for a renters insurance policy. If you have clothes, a TV, computer, or a sofa, you can get them insured so that they can be replaced if they’re stolen or damaged. The policy is valid for the duration of your stay (or however long the policy is). So, if there was a fire in your home and items were destroyed, they could be replaced. You aren’t left out of pocket and the insurance company would help cover the costs.
Landlords are responsible for the actual building in which the home resides in. For instance, if you rented an apartment in a complex owned entirely by one person, he or she is responsible for the general maintenance. This can include structural issues, water mains and pipes, and permanent fixtures within the home. However, that does not include a renter’s personal belongings. On the other hand, if the landlord failed to maintain the general running of the property and allowed a burst pipe to continue to flood the apartment, they may be held liable. Again, every circumstance is different, but renter’s insurance can protect you.
When to Get Renters Insurance?
Ideally, it is best to have renter’s insurance before you move. However, you can still get contents coverage after you’ve moved into the home. And in fact, many tenants wait until they’ve settled in before they apply for renter’s insurance. The choice is yours, but it might be somewhat easier to have the insurance in place before you move. Liability might also be useful to have if you’re moving into a pre-furnished home.
Stay Protected
Thousands of tenants believe rental insurance is unnecessary because they live in a safe area. Some just don’t consider it to begin with. Unfortunately, there may come a time when renters insurance is needed and it’s better to have it available than not. Remember, if your property is damaged, you’ll be the one left out of pocket. Renters insurance can be a smart idea, and even though there are many specific types of insurance, liability and contents coverage will help deal with most problems.