Whether you’re a tenant renting from a landlord, or a landlord renting a home to tenants, insurance is a lifesaver. However, the type of insurance that the landlord needs differs from the type of insurance that tenants need. Read this entire post to ensure you are fully covered with the proper tenant or rental insurance type.
Rental Insurance Coverage for Tenants
The type of insurance coverage that tenants require – those renting from a landlord – will differ from that of their landlord. Even if the landlord has home insurance, it will not cover the tenant. Below are two main areas of coverage all tenants should consider having covered within their tenant insurance.
Rental Insurance for Tenant’s Belongings
For tenants who don’t own what they call home, their priority is ensuring that their belongings stay in the home. These belongings can be quite expensive when you consider things like furniture, electronics, clothing, jewelry, etc… Therefore, having tenant insurance to cover these belongings is one type of coverage that most renters should have. This insurance covers any loss of belongings due to things like a fire or robbery.
Rental Insurance for Tenant’s Damages or Liability
The other type of insurance coverage tenants should have is liability insurance. Although tenants do not own the home they live in, they can still be liable for any damage caused to where they live and any damage they may accidentally cause to neighboring properties. Things like a leaky laundry machine or dishwasher can cause quite a lot of damage to both the renter’s home and neighboring units. Tenants must have damage insurance for these reasons and others.
Tenant Insurance Coverage for Landlords
Home insurance and a landlord’s tenant insurance differ as well. Where home insurance covers basic home insurance for those who own the home, a landlord who rents out the house or part of the home will want extra coverage. See below for more about the additional tenant insurance coverage landlords wish on top of their regular home insurance coverage.
Landlord’s Tenant Insurance for Damages or Liability
Landlords will want extra tenant insurance coverage on top of their regular home insurance if they have tenants. This coverage is essential to cover any damage the tenant renting the home/suite may cause. Similar to tenant insurance for tenants, this should cover any damage caused to the unit itself and any liability if the damage is caused to neighbors.
Ensuring Full Coverage with Tenant Insurance
Whether renting a suite out, a homeowner or a landlord renting to a tenant, the right kind of tenant insurance coverage is essential to help you minimize risks. The right coverage will also help you sleep at night with peace and ease of mind. For tenants, the right tenant insurance will protect one’s belongings from fire/theft and defend one’s liability in case of damages. The same is done for homeowners’ tenant insurance. To learn more, contact us today. We’d be happy to help answer any questions that you may have! We’re also able to provide free quotes as well.
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