Does My Landlord's Policy Cover My Stuff?
One of the great advantages of renting over buying a home is the cost savings. There are so many fewer things to have to keep up with as a renter that the savings can really add up. One of the differences in cost is with your insurance bill. Homeowners insurance is expensive, and renters get a free pass on that one when they rent a house or condo. But just because the owner of the home you rent is insured, does not mean you have no need for insurance at all. Landlords insurance policies do take care of covering the physical dwelling, and even bear limited responsibility for liability issues that may arise in common areas. But as a renter, you still have a responsibility to carry insurance protection to watch over your things.
Limits of Landlord Policies
Your landlord's policy does cover many things. But it does not cover your stuff, generally speaking. To make sure the things you own are protected against loss, get yourself a good renters insurance policy. These plans are very cheap, and they cover a lot of different things: more than just your personal property, as a matter of fact. But do not think it is safe to assume that just because your landlord has insurance, you have no need to buy any yourself.
As a renter, you do get a reprieve from the heavy financial burden of insuring the rental property where you live. But the burden of insuring the things you own and use on that property is still yours to bear. If your rental house or condominium burned down in a fire, you would not have to worry about the financial cost of the damage to the home in most cases. But it would be on you to deal with the loss to your personal belongings. Picture yourself having to buy everything you own all at the same time and with no help from anyone else. It's not a pretty picture, right? The small cost of a renters insurance plan is money well spent, even just for the personal property protection alone.
Benefits of Renters Insurance Protection
Of course, property protection is only one area of coverage in a renters policy. There is also the all important liability protection it extends to you and your family. Anyone in the household is included in this protection. If someone in your home is liable for accidental damage to someone else's property, your renter's policy can help cover the cost. And if a guest at your townhouse or condo hurts themselves at a birthday party for you or for one of your kids, you do not have to fear a big liability suit, because you are already protected from these expenses with your renters insurance liability coverage. Renters insurance has other additional benefits worth checking into. Landlord insurance policies have significant limits and do not protect you much as a renter, but renters insurance offers great protection.