Most people understand the concept of renters insurance. It covers your Personal Property (Clothes, Furniture, Electronics, etc.) at the residence you are renting. Whether you are renting an apartment or a home, there are a few key details you need to understand so you know you are properly protected.
First, in almost all cases a landlord is going to require that you have renters insurance in your lease. And once you sign this lease it becomes a legally binding agreement. This means, however unlikely, that you could potentially be evicted if you do not have a renters policy in place because you are not sticking to the agreement you signed. But why is this? Because when a landlord gets an insurance policy for the rental home/apartment, one of the application questions that determines their rates is if they require all of their tenants to have a renters policy. Depending on the carrier, they may be required to show proof of this to get a better rate for their policy. So if you do not carry renters insurance, they cannot give proof and then their rates increase also. But the landlords policy, whether you live in an apartment or a home, does NOT cover your personal belongings. The landlords insurance policy covers the structure itself and a small amount for THEIR personal property (Appliances, etc.). So if something happens the home/apartment would be rebuilt, but if you did not have a renters policy you would be out thousands of dollars to replace all your items inside the home.
This blog will have articles written by members of the Stephen Turner Agency as well as other relevant articles we find. We want to ensure you have the most up to date info on the insurance industry so you can make the best choices for your family!