Replacing even a minimal amount of lost property can cost thousands of dollars, and the last thing you want is for your tenants to have an added and unexpected expense. According to Zillow , landlords can require renters insurance as a term of a new lease or lease renewal.
We recommend that you check with local and state laws before adding a clause requiring renters insurance to your lease. Similar to homeowners insurance, renters insurance can cover the cost of replacing personal belongings such as a computer, television, furniture or bicycle in the event they are damaged, destroyed or stolen. According to Nolo , renters insurance can cover:. Depending on which state you live for example, in California , you may be responsible for covering the cost of a tenant relocation in the event of a fire or other natural disaster.
Tenants can benefit from obtaining renters insurance since it protects both their personal property against damage or loss and covers their personal liability if someone is injured while on the property. Coverage for personal possessions Coverage for your personal property is a key component of renters coverage, protecting you from theft, fire and a host of other unfortunate events. How much insurance should I buy? Should I choose replacement cost or actual cash value coverage?
What disasters are—and are not—covered? What is my deductible, and how does it work? Am I covered if I am traveling or away from home? Liability protection 7. What is liability insurance? Do I have enough liability insurance? Do I need an umbrella liability policy?
Additional living expenses Additional living expenses ALE coverage provides coverage if your home is destroyed by an insured disaster and you need to live elsewhere for a time.
What does ALE cover? How much does ALE cover? Multiple policy and other discounts What types of discounts are offered on renters insurance? You may also get a discount if you: Have a security system Use smoke detectors Use deadbolt locks Have good credit Stay with the same insurer Are over 55 years old Discounts may vary widely by insurance company and by state, so review your options carefully.
In such an instance, you may be on the hook for tens of thousands of dollars. For a relatively small amount of money, you can have peace of mind. However, if you do decide that you do not need renter's insurance, you should potentially look into getting strata insurance if that applies to you.
To learn more, you can read this post on what does strata insurance cover in BC. Now, there are situations in which tenant insurance is legitimately not required. Generally speaking, however, tenant insurance is a cheap means of covering your bases when renting. The exact amount can vary, however, depending on various factors, including your location and insurance record. Surex helps you compare quotes from a variety of tenant insurance companies to find the best match.
You can receive a tenant insurance policy within an hour. Tenant insurance typically renews automatically. They are policies purchased by a renter to protect themselves financially. However, landlords often require that tenants have a tenant insurance policy to protect their own belongings and absorb third-party liability.
Tenant insurance policies may cover certain types of natural disasters. Earthquakes and floods are two common exceptions; companies usually offer coverage for these events at an added cost. The process can vary depending on the insurance company. Tenant insurance is not required by law although many landlords list it as a lease condition.
Start a quote. Back to Blog Home. Tenant Insurance Renters Insurance Renter. Oct 21, What is Tenant Insurance? What Does Tenant Insurance Cover? Tenant insurance coverage typically includes benefits such as the following.
Relocation Costs If a rental property is rendered uninhabitable due to an eligible incident i. Liability Liability coverage protects a tenant financially in the event that someone else faces damages in relation to the rental property. Here are a few common exceptions to tenant insurance coverage.
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