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Rental Insurance for Tenants

Rental Insurance for Tenants

Picture your belongings, if something happened to your laptop, your flat screen tv or your clothing and furniture, could you afford to go out and replace the lost items? After all, your belongings are not just things, but part of you, tools you use daily and need access to.


What does your landlord’s policy cover?
Typically, the landlord’s policy covers the building or unit in which you live. It does not cover your personal belongings. For that, you need a renters insurance policy.


What are the basic coverages offered?

There are two types of basic coverages offered.
Property: This helps to protect your personal belongings at home or away.
Liability: To protect you financially against costly claims and possible lawsuits.


Step One - Property:
Crete a list of your belongings, if you have receipts, keep them in a safe place. If you do not have receipts, try to estimate the value as best as you can. Keep in mind that some large ticket items, like a wedding ring or a family heirloom, may not be covered under a typical renters policy. For these items, you may need additional coverage, sometimes called a Personal Articles Policy.


Step Two – Liability: On most occasions, your landlord’s policy does not provide coverage when you are found liable for damages or injury to another person. Your renter's insurance policy does. This means your renter's policy could help pay for bodily injury, property damage and even provide a defense against these types of claims or lawsuits.
For more information, contact your insurance professional today.

-Kris Masaki