Renters' insurance
w:Renters Insurance Renters' insurance, often called tenants' insurance, is an insurance policy that provides some of the benefits of homeowners' insurance, but does not include coverage for the dwelling, or structure, with the exception of small alterations that a tenant makes to the structure. It provides liability insurance and the tenant's personal property is covered against named perils such as fire, theft, and vandalism. It also pays expenses when the dwelling becomes uninhabitable.[1] Due to renters' insurance existing mainly to protect against losses to the tenant's personal property and provide them with liability coverage but not to insure the actual dwelling, it is significantly less expensive than a homeowners' policy.[citation needed]The owner of the building is responsible for insuring the dwelling itself but bears no responsibility for the tenant's belongings.
Quotes
[edit]- While not all states allow rental property owners to mandate renters’ insurance most do allow it. If legal in your state, it might be a good idea to include a clause requiring your tenant to obtain renters’ insurance in your lease. Here’s why…
- A landlord is not financially responsible…
- American Rental Property Landlords & Owners Association in Requiring Renters Insurance? (FEBRUARY 11, 2011)
