Guide to Renter’s Insurance

Renter’s insurance is an important safeguard for every tenant. It is common for landlords to require insurance for both their protection and the well-being of their tenants. In fact, 75% of those with renter’s insurance have it because their landlord requires it.

What Is Renter’s Insurance?

To protect your valuables, renter’s insurance is a necessity. Renter’s insurance can provide protection against liability damage when it comes to accidents, floods, fires, or natural disasters. In most cases, the liability coverage will be stipulated in your lease agreement if the landlord requires it.

If your landlord does not require you to have renter’s insurance, you should still get it. Many issues can arise when living in an apartment or rental property of any kind. Should something happen, having at least $100,000 in liability protection will keep your financial situation intact.

What Does Renter’s Insurance Cover?

The last thing you want to do is deal with a disaster or break-in while also worrying about how you are going to pay for the damage. With renter’s insurance, your possessions are covered. Your furniture, expensive electronics, and other valuables can be replaced.

Another aspect of renter’s insurance covers liability. You may not be aware of this, but if someone is injured in your apartment, you could be liable for their medical bills. It will also help to cover the cost of any damage that is done to the apartment, through accident or otherwise.

This will serve as protection for both the tenant and the landlord against damage. Smoke damage, sewer back-ups, and water damage are all common problems faced by renters and landlords alike.

For Landlords and Property Owners

Making renter’s insurance a requirement is a wise decision. You can place stipulations for what kind of coverage is required in the lease agreement. You can also speak to insurance providers and get quotes and assistance from an insurance professional.

The last thing you want to do is be liable for damages or be forced to go through expensive and lengthy court proceedings. You can prevent a lot of nightmare scenarios by simply requiring your tenants to be covered.

For Tenants and Renters

Protect yourself from liability and the types of mishaps that can occur in a rental or apartment complex. Don’t expose yourself to the expense of medical bills, replacing furniture or electronics, or damage to the unit. Renter’s insurance is often cheap and easy to get.

Remember, your property managers aren’t insurance salespeople. They may be able to direct you to an insurance company or they may require you to get an insurance policy from a specific source. If you have the option, shop around and find out what is offered by the insurance companies in your area.

Red Wagon Properties

If you’re a property owner or landlord, Red Wagon Properties can take care of the hassle for you. We can manage your property and ensure that the paperwork and complications of property ownership don’t become overwhelming.

We can take care of everything from finding new tenants to background checks. Even maintenance concerns are no problem. Your workload is heavy enough already. Let Red Wagon Properties take care of your rentals today.