Important Details about Renter's Insurance

Tenants living in rental properties need coverage to provide them with adequate protection while living in the home.

17:51 12 September 2020

The insurance protects against certain liabilities and offers financial help if the tenant damages the property. Reviewing important details about renter's coverage helps tenants make sound choices about buying a policy.

 

What Does Renter's Insurance Cover?

 

The insurance provides coverage for property damage caused by the tenant. If damage happens, they can file a claim through their insurer, and the tenant receives funds for the repairs. The insurance also provides help with liabilities such as accidents that happen inside or outside the property. The policy provides funds to pay for the individual's medical expenses and provide wage replacement if they couldn't go back to work. The coverage replaces any belongings that were damaged, lost, or stolen. While the property owner's insurance won't cover the tenant's belongings, the renter's coverage will. Tenants can request a free quote for renter's insurance through their preferred insurer right now.

 

Adding Coverage for Pets

 

Adding coverage for pets helps the tenant cover liabilities related to their dogs. The clauses for pets offer coverage according to the dog's breed and weight. If the pet attacks someone inside the property, the tenant can file a claim for the dog attack. The coverage pays for full medical costs. If the pet damages the property, the tenant's insurance pays for the necessary repairs.

 

Protecting Yourself against Legal Claims

 

Buying renter's coverage can protect the tenant against legal claims. If they file a claim to get property damage repairs, the policyholder has documentation of the claim and any checks issued for repairs. They can collect receipts from the repair service and take pictures of the property damage and the repairs. The evidence prevents the landlord from filing a legal claim against the tenant for property damage. If a claim is filed for a dog attack, the claim can serve as evidence that the dog owner followed steps to help the victim get medical coverage. All documentation can be used to support a counterclaim against the plaintiff.

 

Adding a Rider to the Policy

 

A rider gives the tenant additional coverage for items that have a higher than average value. Adding the rider to the policy offers coverage for the items. An appraisal is included with the rider to show the exact value of the item.

 

Requiring Tenants to Buy Renter's Insurance

 

Rental property owners add a clause for renter's insurance in their leases. The policies offer coverage for property damage and pet-related issues. The requirement helps the property owner get repairs, and the tenant can file a claim to get repairs. The insurance provides protection for liabilities that the owner's property coverage won't. Renter's insurance coverage protects the tenant and offers financial assistance for property damage and liabilities. It will also provide funds to replace the tenant's belongings if they are lost, damaged, or stolen. Tenants purchase the coverage to protect their interests or as a term of their rental agreement. Discussing rental insurance with an insurer gives the tenant further insight into the coverage.