What People Are Saying
Thanks for making it easy to find the cheapest renters insurance. Knowing our stuff is always protected gives me peace of mind.
Matt and Bethany, Charleston SC
LANDLORD CONTENT INSURANCE
Landlord content insurance is of importance even if you are just renting your place from your landlord. It is important that you as a renter understand what it covers, why they need it, and how it affects the kind of coverage that you as a renter need to purchase. When renting from understand that the lessee is responsible for the building, and they only need to cover content through insurance if you are renting a fully furnished apartment or building from your landlord.
When a landlord has a rental property, whether it is a mobile home, town home, condominium, single occupancy house, duplex home or a big apartment building, they need to buy landlord insurance. The main idea is that the landlord must cover the building and any damage or injuries that the building can cause to visitors and tenants alike. Such damage might include a tree falling through the roof, the gutters coming loose and hitting passersby.
In addition, it could be that the house gets struck by lightning and catches fire. That would be covered by landlord insurance. Though, unlimited content coverage is an entirely different type of landlord insurance coverage. It means that the actual movable objects that reside in the home or building are covered by content insurance. Normally landlord content insurance is only really recommended when they are renting their property out fully furnished, and are concerned about the damage, theft and vandalism that a renter might cause.
You may then be wondering, additionally, why landlord content insurance does not cover you and additionally whymany leases stipulate that you as a renter need renters insurance. It is actually to cover your own content that you will be keeping in the rental. The reason it is stipulated or required as an obligation within your lease is so that you as a renter can file a claim for your own personal property losses that reside in the house or building. Even the landlord content insurance does not cover your belongings, even if they wanted to cover your belongings.
Therefore, it is not that the people you are renting from are being unkind or unfair. It is that they are extending the knowledge that they carry about the way content coverage works. It is best for you as an individual renter for you to carry your own content coverage in the form of renters coverage policy. Know what it is you are keeping within the rental property. Take pictures, with a date and time stamp on them. Better yet, if you have a phone with a video camera or a digital camera with a video option, use it.
When you understand why you are not covered by landlord content insurance, you will realize that you need your own content policy. This will be provided for you in detailed description within the policy that your insurer provides to you. The details will include the deductibles, or the amount that you are required for every occurrence before your insurer will start paying on claims.
In addition, your policy will stipulate the value of your belongings that you keep on site, which are again not covered by landlord content insurance. It is a good idea to figure on the actual value if you had to replace those items today, rather than on how much they may have cost 16 years ago when you bought them. While there are indemnity policies, which will pay you the amount that you would pay for equally used items, there is a better option.
The better option is to purchase new for old coverage when you initiate a renters policy. This is because your insurer will reimburse you with claim money the amount that you would need to purchase a new couch. This is as opposed to receiving $25 to buy your old couch, which heck, may not be available anywhere or anytime soon any how. So, you would be forced to shell out the additional money to purchase a couch for say $500 instead.
If you have new for old renters coverage, you would instead just receive the $500 you would need to buy a couch, for instance. It is important that when you determine the value of your items, that you take an inventory, even if it is with a camera. This puts the matter into your own power, which makes it almost a good thing that landlord content insurance does not work for you or your belongings on claims.
Landlord content insurance is for the lessor, not for the lessee (you, the renter). It covers their belongings in their rental, not yours. It allows you some power and control over what you decide to cover, according to how you and your carrier determine it needs to be covered.