If you live in a rental property, you're not eligible for homeowners insurance and the personal liability protection and other essential coverage it entails. That’s why property managers often recommend their tenants secure renters insurance. Here's more on how renters insurance takes the place of home insurance and what protections this coverage can offer.

Why You Need Renters Insurance

Renters insurance is a welcome option for those who can't afford the unexpected costs that come with surprises like water damage or stolen belongings. It can also offer liability protection during accidents that result in another person's injury due to your actions. 

While you are not legally obliged to get this insurance policy, some rental property landlords may require it before signing a lease. Even if they don't include it as a precondition, consider how it could help you cover substantial unforeseen expenses.

What Renters Insurance Covers

In addition to your belongings inside the rental property, these policies can also cover items outside your residence. They can cover temporary living expenses in case your home becomes uninhabitable due to disasters or repair work.

You can claim reimbursements for lost or damaged property due to the following events: 

• Fire
• Vandalism
• Windstorm
• Smoke damage
• Theft
• Water overflow or leakage
• Frozen plumbing
• Riots
• Damage by another's vehicle
• Costs due to short-circuiting appliances

Renters insurance also extends to liability and medical bills when someone gets hurt on your premises. Your policy is especially beneficial if your pet bites a visitor or if someone slips and falls on your property. 

Keep in mind that damages from tornadoes, earthquakes, and other natural disasters may be outside your coverage. 

How Much It Costs

Renters insurance is often less expensive than other kinds of policies, but the exact price will depend on factors like the property's location and your credit score.

If you have roommates, you can share renters insurance with them. Be aware, though, that you need to include their belongings in your policy—which means you may reach your coverage ceiling faster—and you will be splitting reimbursements during a claim.

 

Murphy Properties in Connecticut and Rhode Island is committed to maintaining personable relationships with their tenants and offering top-rated rental properties. This outstanding property management company is the name you can trust if you want an ideal home for independent seniors or an apartment community in a prime location. If you are looking for a rental property in Rhode Island or Groton, Mystic, or Pawcatuck, CT, give them a call at (860) 599-1980, or visit their website to find out more about their apartment complexes.