You may believe that you don’t need renters’ insurance. After all, if anything happens to the apartment, your property, or to your guests the landlord’s insurance will cover it, right? Wrong. Many damages that occur to people or property may not be covered by the landlord’s insurance, especially if you signed a lease that minimizes the owner’s liability. This is why you need to understand more about renters’ insurance.
Limits to Landlord’s Responsibility
Due to state laws, rental agreements and other liability limits there are times where you may be responsible for all or part of damage and loss that occurs. Some of the circumstances you may be responsible for include:
- Damage to your property due to a leaky roof
- Damage to your property due to a broken appliance
- Damage caused by natural disaster
- Damage caused by a fire due to electrical issues
- Loss caused by theft
- Damage you caused
- Guests who are injured while at your rental home or apartment
Cost of Renters’ Insurance
Renters’ insurance isn’t as expensive as many people believe it is. You can choose the amount you pay based on the coverage you want and the regulations of the state where you reside. Renters’ insurance usually costs only a few hundred dollars annually. For that amount you can receive as much as $500,000 in liability coverage and $30,000 property coverage.
To learn more about renters’ insurance and its benefits, contact the experts at Leverity.