Please be advised that the landlord’s insurance does not cover the tenant’s possessions. This is usually outlined in a “Waiver of Liability” section of the lease agreement, which indicates that the landlord is not responsible for the tenant’s personal belongings. It is suggested that tenants purchase insurance in order to protect their possessions while living on the property. If a tenant does not purchase insurance, they will be personally responsible for lost, damaged, or stolen items; in addition to personal injury liability, and legal expenses. If the lease mandates that a tenant purchases insurance, the tenant must comply with the lease agreement.
Renter’s insurance handles:
Personal liability, which covers the medical expenses of a tenant, guest, or service worker in the event of injury in or around the property.
Personal property protection, which will cover the loss of personal property caused by fire, theft, water damage, smoke, etc. The tenant determines the amount of coverage they would like, and the value of the policy is the limit of compensation for damages. This type of coverage will allow tenants to collect the depreciated value of an item, and not the actual cost of a replacement.
Replacement coverage, which covers the actual replacement cost of damaged property, as long as it does not exceed the total policy value. This type of coverage is more expensive than traditional property protection; however, if a tenant has expensive belongings, it would be a good idea to consider purchasing replacement coverage.
The cost of renter’s insurance is fairly low, but varies depending on the policy’s deductible value. Students may also be covered by their parents’ homeowner’s policy.
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