Landlords Insurance Does Not Cover the Renter

Don’t make the mistake of thinking that the landlords insurance will cover your losses if you suffer losses from some sort of damage. It does not cover the tenant’s property. If you are a tenant and want to know your stuff is protected in case of damages then you will want to carry renters insurance. Renters insurance is similar to homeowner’s property insurance. It will cover repairs and replacement of damaged items that a renter suffers.

Landlords insurance will protect the landlord from losses. This includes property and building loss. If there is a fire and the apartment or home burns down, the landlords policy will pay to rebuild the building and pay for any property that belongs to the landlord only. Some landlords rent out furnished apartments and houses that come with furniture and appliances so the tenant does not have to buy any furniture. In the event of a fire or flood or other catastrophe the landlord’s insurance will pay to replace the furnishings. It will also pay the rent if there is a loss of rental monies from the catastrophe. This insurance will also pay legal fees that could arise between the landlord and tenant.

You can sometimes purchase renters insurance from the same company that you get your homeowners insurance. This could mean a nice discount for the landlord on his insurance. Most places that sell homeowners will also sell renters insurance. There are many fine companies with very affordable prices on their insurance. If you locate an insurance company online you can expect a discount for buying online. Not all companies offer this but there are many that do. Whenever possible bundle your insurance. Get your landlords insurance, homeowners insurance and car insurance from the same company to save even more. A renter can save by bundling their car insurance and renters insurance. You can also save by having a larger deductible. Be sure not to make the deductible more than you can afford to pay. You could end up with problems getting things paid for if you do. Don’t be afraid to check out several companies before deciding on an insurance company. The cheapest may not be the best, so shop around with companies you know.