Whether you’re a tenant renting from a landlord, or a landlord renting a home to tenants, insurance can be a life saver. However, the type of insurance that the landlord needs is different than the type of insurance that tenants need. Read this full post to ensure you’re all covered with the proper type of tenant or rental insurance.
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. As much as the landlord may have home insurance for the home, this 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 to insure their belongings that will stay in the home. These belongings can add up to 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 in belongings due to things like a fire or robbery.
Rental Insurance for Tenant’s Damages or Liability
The other type of insurance coverage that tenants should include in their is liability insurance. Although tenants do not own the home they live in, they can still be liable for any damage that is caused to where they live and/or any damage that they may accidentally cause to neighboring properties. Things like a leaky laundry machine or leaky dishwasher can cause quite a lot of damage to both the renter’s home and to neighboring units as well. It’s important that tenants 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 the home insurance covers basic home insurance for those who own the home, a landlord who rents out the home or part of the home will want extra coverage. See below to learn more about the extra tenant insurance coverage landlords will want on top of their regular home insurance coverage.
Landlord’s Tenant Insurance for Damages or Liability
Landlords will want to get extra tenant insurance coverage on top of their regular home insurance if they have tenants. This coverage is important in order to cover any damage that the tenant renting the home/suite may cause. Similar to tenant insurance for tenants, this should cover any damage caused to the unit itself, but also any liability if damage is caused to neighbors as well.
Ensuring Full Coverage with Tenant Insurance
Whether you’re a tenant renting a suite out, or your a homeowner or landlord renting to a tenant, the right kind of tenant insurance coverage is essential to helping 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 will also protect one’s liability in case of damages. The same is done for home-owners’ 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.