Why does someone need renters insurance - ymk

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Terms may apply to offers listed on this page. Landlords often require that tenants purchase renters insurance coverage. This requirement is usually meant to limit the landlord's potential liability.

If someone is hurt by a renter's dog or in a renter's unit, that victim could potentially pursue a claim against the landlord.

The chances of this are reduced if the tenant has insurance coverage. Not every lease requires renters insurance, and the amount and type of coverage a landlord requires can vary. In many cases, renters may want to do more than buy the minimum insurance their lease mandates. Here's why. Renters shouldn't base their home insurance choices on the requirements set by a landlord -- although they should have at least the minimum amount of required coverage.

Rather than focusing on what is mandatory, renters should consider the amount of risk they are willing to take on, and the amount of risk they would rather transfer to an insurer. Renters insurance pays for many costs when problems develop, including:. Without sufficient renters insurance coverage , a renter would typically have to pay these expenses out of pocket. A landlord's insurance would not cover them in most cases.

While a landlord should have insurance coverage in case people are injured in common areas, the landlord's policy typically doesn't extend to protect a renter from loss if someone is injured due to problems within a renter's home or injured by a renter's dog. And it doesn't typically cover a renter's personal possessions. The minimum coverage mandated by the landlord may not be enough to replace all of a renter's possessions, or to ensure they won't face a damage claim above their policy limits.

No renter should be unprotected and at risk of losing their assets to pay damages or replace everything they own. Tom Sheehan PRO. There are two basic reasons why you would need Renters' Insurance. First, if you are required by the building owner to have it as a condition of your lease. But to me, the most important reason to have it is because you may be renting your home, but you own your personal property and have worked darned hard to get it.

David G. Business Development Officer, T. If you are sued it could bankrupt you. If a fire sweeps through your apartment, you could lose everything that you own. It can protect your finances. It covers belongings away from home. The cost may be less than you expect. Frequently asked questions. Is renters insurance legally required? How much renters insurance do I need? On a similar note Dive even deeper in Insurance.

Needless to say, RCC costs more. When choosing renter's insurance, make sure to choose a company that works best for you. Rental Housing Journal. National Association of Insurance Commissioners. State Farm. Home Insurance. How To Start A Business. Car Insurance. Your Privacy Rights.

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I Accept Show Purposes. Your Money. Personal Finance. Your Practice. Popular Courses. Insurance Home Insurance. Key Takeaways When renting a home, you'll need an insurance policy to cover your personal belongings known as renter's insurance. Landlords have property insurance but those policies cover only the building, not your personal items within.