Do I really need Renter’s Insurance?
Leasing Manager • August 14, 2020
Moving can be exciting and stressful, and it can be easy to forget the details. One of the details you want to make sure that you take care of when you move is renter’s insurance.
In your lease, you will find a section that details your responsibility to protect your own personal items. In most rentals, you will find that the property is covered by the Owner’s insurance. Your personal items should be covered with rental insurance. Rental insurance covers your electronics, furniture, clothes, and anything else you have set-up with your insurance company! A renter’s insurance policy will protect your belongings in case of fire, theft, or damage.
You also need liability coverage for damages caused by negligence. We know that life happens, but if a resident causes damage that affects the property or a neighboring property, it will have to be repaired. For example, f you accidentally leave the kitchen sink on and it leaks into your neighbors’ apartment, you could be found charged for that damage. Renter’s insurance would cover those costs.
We know that this is not fun to think about, but it’s better to plan ahead!
What exactly will my policy cover—and what won’t it?
Personal Property
Most standard renter’s insurance policies offer protection for your belongings in case of power surges, water damage, fire, vandalism, theft, and other events out of your control.
Loss of Use
Your policy also covers your living expenses in case you must leave your home after an accident. Say that lightning strikes your home and the place needs repairs before you can live there again—loss of use will cover a hotel, food, and any other expenses you incur during that time.
Liability
Your liability coverage pays for bodily injury and property damage caused by negligence—like if your dog rips up the carpet or chews through the wall.
Palm Property Management recommends rental insurance for all of our residents. It’s a great way to make sure that all of your personal items are protected, and offers all of us a little more peace of mind.
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