Renters Insurance? Why?

Unfortunately, Renters Insurance is a coverage that is often overlooked by both the building owner and the tenant.  A Renter's Insurance policy protects the policyholder for not only coverage to their personal property, but it also provides liability coverage.  Most personal Renter's policies cost between $10 and $15/month giving the policyholder a significant amount of protection.  Take the scenario below...

In April of 2007, one of our insureds had a fire in their building that incurred over $136,000 in damage.  After the cause of the fire was determined to have been started by one of the tenant's children, the building owner's insurance company sent a letter to the tenant requesting to be refunded for the full amount.   The tenant did not have Renter's Insurance at the time and therefore was stuck with a $136,000 bill to pay!  Had the tenant purchased a Renter's policy, the insurance company would have paid that bill.

Whether you are a tenant or building owner, it is crucial that you understand how a Renter's policy can provide financial protection far beyond covering just personal property.  If you are the building owner, do yourself and your tenants a favor by requiring all tenants to carry a Renter's Insurance policy.

Click here to get a renters insurance quote!

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