Renter’s Insurance is extremely important to have, and is usually required to have for a lease. Most often the tenant has to provide their own. In some cases a property management team will give the option of buying a policy through them and will roll the amount into your lease payment.
There are certain things to look for when choosing a provider:
- There are some policies that do not cover damages from roommates and guests, this makes the resident/lease holder ultimately responsible. It could be from something as an electrical fire, cigarette, an animal that relives themselves on a wooden floor.
- Water damage protection is important to ask about and flood insurance is a must depending on where you live. A decent renters insurance policy should cover the resident and interior damage caused by water damage resulting from broken pipes, busted hoses, etc.
- Burglary theft is another attribute that all residents worry about. A policy that closes the gap on personal property losses is a great bet. On the other hand, some companies determine coverage based on whether a claim is tagged a burglary or theft. In most instances, theft of personal belongings won’t be covered unless there’s been an obvious break-in.
- When a catastrophic event occurs in a resident’s life, it could cause them to relocate, or seek alternate living arrangements. Residents sometimes assume that if their unit is damaged by a storm and requires moving out that the property should pay for the cost of accommodations. This isn’t always the case, the right policy will pick up alternative living expenses associated with relocation and habitation in a hotel, rental house or other apartment- it is up to the limits of the policy’s personal property coverage.
- Pets- there are certain policies that limit the liability coverage of pets to a portion of liability limits and some of these exclude certain breed types. There are policies that are available that go above and beyond paying for damages due to chewing, scratches, stains etc.
When looking for the right policy, keep the residents and property in mind. Loose or damaged property policies may sound pricey, but in the long run it is nothing compared to the cost and replacement if the property is uninsured!