In the event of a disaster, you might think that your landlord’s property insurance would cover damage to your belongings.
However, you’d be wrong. Your landlord’s insurance only covers the building’s structures and common equipment, as well as their liability for injuries sustained on common property. Renters insurance, on the other hand, is needed for your personal belongings.
After signing a lease, many landlords will ask you to provide proof of renters insurance within a certain time frame.
Your insurance agent will be able to assist you in determining the amount of coverage you require and any optional riders.
Insurance isn’t always a top priority for renters. It may rank alongside purchasing insurance against alien abduction as an unnecessary additional expense for some individuals.
However, landlords frequently require tenants to have renters insurance because it is an essential means of safeguarding your financial well-being. Let’s take a look at what renters insurance is, what it covers, and how much it typically costs to help you determine whether you need it.
