Renter’s insurance provides similar benefits to homeowners’ insurance. The tenant’s property is then covered under the insurance against fire, theft and vandalism. In many cases, renter’s insurance is a requirement due to the fact that it not only covers the tenant, but also the landlord. It gives the option to the landlord to sue for damages from the tenant’s insurance if the tenant damages the property.
Besides the big three – health, home and life insurance – the world of insurance is a murky one. Just about everyone follows the general rule that you should insure the things you can’t afford to lose, but it isn’t always easy to know which types of insurance you need. While taking stock of what you already have, here are three types of insurance coverage you may not have but really should.
One of the biggest mistakes tenants make as renters is assuming that their landlord’s insurance will cover their belongs in the event of loss, theft or damage. It’s important to read the fine print of the lease you are signing. While you might naturally think your landlord would pay for damage due to a leaky roof or busted pipes, a clause in your lease might say otherwise. Theft or injuries to a guest while visiting your house are also cause for concern, which is why renters’ insurance is important.