Moving into your first home is an exciting opportunity. Many landlords will require renter’s insurance, while many more will not. For the landlords that don’t require it, you may be wondering if you should purchase coverages under a renters policy regardless.
Your Landlord’s Insurance
Many people have the misconception that they don’t need to purchase additional insurance because they are covered under their landlord’s property insurance. This is not true.
Your landlord’s commercial real estate policy will only cover losses that apply to the actual dwelling. That means it will not cover your furnishings and belongings, nor will it cover any accidents that you may be found liable for, such as if your dog were to bite someone.
Facts About Renter’s Insurance
Having a renter’s policy could save you a lot of money and frustration if something were to happen on the premises where you live.
A renter’s policy
- is affordable
- covers loss of property
- covers cost of another place to stay
- protects you if someone is injured on the property
The policy is also customizable, so if you want more coverage in certain areas, you can purchase it.
Having renter’s insurance could also save you from having to replace everything and not having a roof over your heard if something were to happen. That makes it is worth the peace of mind it brings for a low cost.