Why You Need Renters Insurance
The landlord probably has insurance that covers the rental unit or dwelling, but the tenant shouldn’t assume that the landlord’s insurance will protect them. If the landlord’s insurance company pays the landlord for a loss that the tenant causes, the insurance company may then sue the tenant to recover what it has paid the landlord.
Renter’s insurance protects the tenant’s personal property from losses caused by fire or theft. It also protects a tenant against liability (legal responsibility) for many claims or lawsuits filed by the landlord or others alleging that the tenant has negligently (carelessly) injured another person or damaged the person’s property. Renter’s insurance usually only protects the policyholder. It would not protect the roommate’s personal property; in order to be protected, the roommate must take out his or her own policy.
Carelessly causing a fire that destroys the rental unit or another tenant’s property is an example of negligence for which you could be held legally responsible. You could be required to pay for the losses the landlord or other tenant suffers. Renter’s insurance would pay the other party on your behalf for some or all of these losses. For that reason, it’s often a good idea to purchase renter’s insurance.
Renter’s insurance may not be available in every area. If renter’s insurance is available, and if the tenant chooses to purchase it, be certain that it provides the protection the tenant wants and is fairly priced. The tenant should check with more than one insurance company, since the price and type of coverage may differ widely among insurance companies. The price also will be affected by how much insurance protection the tenant decides to purchase.
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