Your landlord will have an insurance policy is to cover their own property and themselves. However, if there is a disaster and a loss is incurred, your property will not be covered unless you have your own insurance policy in place.
Cover your Personal Property
Renters may assume that they will be covered by their landlord’s policy should something happen. However, your personal belongings will only be covered if you are insured yourself. Don’t assume that your property is not valuable enough to insure. If you add up the replacement value of all of your electronics, clothing, etc., you’ll likely easily reach the thousands.
Coverage for Personal Liability
Liability coverage protects you should someone become injured while in your home. It also provides coverage if you are found negligent in damaging the dwelling (for example, you leave a lit candle burning and leave the house, which results in fire damage to the dwelling.)
Coverage after an Unforeseen Event
Additional living expense coverage will help if you are displaced from your home due to a disaster – if that type of disaster is covered under your policy.
While it is true that some landlords may require that their renters have their own policy, statistics show that less than half of the renters in the United States carry renter’s insurance. Renter’s insurance is a relatively inexpensive investment that can insure you against tens of thousands of dollars in potential liability or property loss. Talk with your agent today to find out the options that are available to you.