Do I Need Renters Insurance if my Landlord has their own Insurance?

Many renters have the common misconception that their belongings are covered under a policy if their landlord has insurance. However, that is not true because homeowner’s insurance only covers the homeowner’s belongings. Generally speaking, renters insurance is optional; however, your landlord may require that you carry a policy within the lease terms required to sign. Landlords require renters insurance because it limits the likelihood that a tenant will sue them for liability costs or damage to their personal property should an incident occur. 

Renters insurance may only be required in certain situations, but that doesn’t mean you shouldn’t have coverage. The general property, loss of use, and liability coverage that are generally found on all renters insurance policies are exceptional value for minimizing the financial loss associated with an unexpected event that damages your belongings or leaves you liable for someone else’s medical bills. While policies vary depending on the coverages chosen, generally, each renters insurance policy will cover the following:

  • Personal Property Damage: Pays up to your policy limits to replace your belongings that are destroyed by a covered event.
  • Personal Liability: Protects you from legal liability if an accident occurs to a third party at your home or apartment.
  • Loss of Use: If the place you are living is uninhabitable due to a covered event, your renter’s insurance policy will pay for your expenses.
  • Medical Protection: Pays for medical expenses incurred by someone injured at your residence.

When it comes to offering peace of mind, renters insurance is a no brainer. At Brevard Insurance Agency Inc. in Brevard, NC, our talented team of insurance experts will help crunch the numbers, answer your questions, and customize a renters insurance policy that exceeds your expectations.