Does your Landlord require renters insurance? Even if they don’t here are the top reasons you should have it!

Many leases now require that a tenant purchase renters insurance; if you aren’t sure or can’t remember if there is a clause in your agreement you probably want to read it again. At times not only is it necessary that you have coverage but the landlord may require that they are listed as an additional insured on the policy, in which case they will be notified if you make any changes or cancel your policy.

Why, you ask would you need insurance; you rent you don’t own the home / apartment?

Reason number one:
You don’t own the home / apartment, but you do own all your “stuff” and if the place burns down the landlord only has insurance for the structure not what you had inside your home / apartment. Without renters insurance you would have to replace all your belongings with your own funds.

Imagine you come home one day to find you have been robbed; you call your landlord knowing they have insurance and they respond yes we do but no one stole the building. Yes that is exactly what will happen, unless you have your own coverage. Many companies even offer (at a slightly higher premium) full replacement value packages!

Reason number two:
Someone visits you, slips and falls in your kitchen because the floor is wet. They are injured and report it as an accident to their health care provider who will then notify you that you are required to pay the bill! Surprise, surprise, surprise! Without insurance to cover your liability this could become a very expensive lesson.

Now consider you are visiting a friend and having a lovely time drinking some red wine when the glass falls from your hand and shatters to the floor staining their antique Persian rug. Who will pay to replace or fix the accident, most likely you! If you have a renters policy this could help cover unintentional accidents not in your home, saving your friendship!

Reason number three:
You are rushing around buying holiday gifts, then running errands with the gifts locked safely in your trunk, or so you thought! Gone, they are all gone when you come out from the market. Your auto policy will not cover this as you were not in an accident or driving the vehicle, but your renters insurance will!

Reason number four:
The sink is backing up in your kitchen because you tried to put something in the garbage disposal that caused a blockage. You call your landlord to come and fix, but by the time the landlord arrives the sink has overflowed and has caused damage not only to your personal belongings but the tenant below you! The landlord will make repairs, but since the damage was not his fault you will be responsible for any loss the tenant below you experienced! Renters will help to offset the cost!

These four reasons should be enough to convince you that for about $0.60 a day you can have peace of mind! Contact your agent to find out how you can get the coverage you need to protect yourself and your valuables.

Consider optional additions to your renters policy while you are at it; Identity Theft Coverage, Specialty Coverage and Replacement Cost Coverage. Contact your agent to determine what best fits your needs.