Does Homeowners Insurance Cover Shed?
July 21, 2015Does Swimming Pool Raise Homeowners Insurance Premium?
July 24, 2015Renters Insurance Apartment – Since 2007, there has been a huge and steady increase in Renters versus Homeowners. Unfortunately, many people have lost or been forced to sell their home after the downturn of the real estate market; these people are renting apartments, condo, townhomes and houses. In each case, Renters Insurance is necessary to protect their personal belongings as well as offer protection for Liability.
The most common excuses not to carry Renters Insurance are the following:
- Renters Insurance is too expensive and it isn’t required!
- I don’t have any valuables, not worth the hassle!
- The building has insurance, so I’m covered anyway!
Simply speaking, Renters Insurance premium in most areas of the country is attainable for as little as $86 per year; this is inclusive of a minimal amount of personal contents coverage, loss of use and $100,000 Personal Liability. If paying the small premium is an issue, payment options are available in most cases. Get your FREE Renters Insurance Quote today!
Whether the Landlord has building insurance or not, that coverage does not extend to offer protection to the tenants or the belongings of the tenants. Some states require Renters Insurance to be required as a standard clause in the lease agreement due to increasing small claims actions filed which would be much more easily handled by insurance companies.
If the Renters Insurance is required by the Landlord, the Landlord may also require you to add them as an Additional Insured to the policy; in this case, a copy of future documents will be mailed to the Landlord listed as Additional Insured. There is usually no additional fee for this endorsement.
Responsible renters couldn’t imagine renting a dwelling unit without Renters Insurance and risking the exposure to an uninsured Liability Claim alleging negligence caused a Bodily Injury or Property Damage loss. There is a clear reason why Property Management companies require Renters Insurance on their contracts even in states where the law doesn’t obligate them.