Renter’s insurance typically provides coverage in three main areas: Personal Property, Liability, and Additional Living Expenses. Personal Property comes in the form of a tenant’s personal belongings. Including furniture, clothing, electronics, and other items. This is extended from on property belongings to belongings that are traveling with you. Liability coverage protects tenant’s if they are found responsible for injuring someone or damaging their property. This coverage extends beyond incidents that occur within the rental unit and can include situations like accidentally injuring someone off the premises or causing damage to someone else’s property. This coverage also helps with legal expenses if tenants are sued for covered events. Coverage for additional living expenses is also provided when you purchase renter’s insurance. This coverage will come into effect if your rented residence becomes uninhabitable due to a covered peril. This would provide reimbursement coverage for hotel bills, meals, and other necessary costs while your home is being repaired.
Are Tenant’s Covered by Their Landlord’s Insurance?
No, renters are not covered by their landlords’ insurance. Landlord insurance is designed to protect the property owner’s interests, covering the structure of the building, and personal property owned by the landlord on the premises, and liability associated with the property itself. It does not extend coverage to the personal belongings of the tenants or provide liability protection for tenants. For this reason, it is strongly urged for tenants to purchase renter’s insurance!