Renters' insurance policies provide a considerable amount of coverage for a relatively small premium. For starters, it is extremely valuable coverage in the event of a loss to your personal property from perils such as fire, smoke, theft and others. It also provides some coverage for liability which can be of significant value. Other desired coverages can be economically added.
From a personal standpoint, I saw the value first-hand when my Sons had a severe kitchen fire in their apartment in Raleigh, NC a few years ago. No one was hurt but the apartment became uninhabitable as a result of the fire and smoke damage. Because my Sons were astute enough to have purchased a renters policy, they were reimbursed for all of their burned and smoke-damaged possessions and they received reimbursement for living expenses elsewhere while restoration was being completed.
Additionally, the landlord sued them for negligence related to the cause of the fire...which was quickly thrown-out in court...but the insurance carrier provided them a defense for the negligence allegation.
All-in-all, it cost my Sons their very affordable premium and a small loss deductible to get back to their lives.
Without the renters policy, they would have been 'hurting' for a long time
Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
There are two reasons why you might be required to have a renter’s policy. Your landlord is not responsible for your personal property in the rental unit. If the unit was to burn and your property is destroyed you don’t have a claim against the landlord. If someone is injured in your unit and sues you, it isn’t your landlord that is responsible, it is you. To make sure that the landlord and you don’t have misunderstandings and that the expense for the lawsuit is handled properly, the landlord is making it a requirement of your tenancy to maintain a renter’s policy and probably is requiring that he be named as an additional insured.
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From a personal standpoint, I saw the value first-hand when my Sons had a severe kitchen fire in their apartment in Raleigh, NC a few years ago. No one was hurt but the apartment became uninhabitable as a result of the fire and smoke damage. Because my Sons were astute enough to have purchased a renters policy, they were reimbursed for all of their burned and smoke-damaged possessions and they received reimbursement for living expenses elsewhere while restoration was being completed.
Additionally, the landlord sued them for negligence related to the cause of the fire...which was quickly thrown-out in court...but the insurance carrier provided them a defense for the negligence allegation.
All-in-all, it cost my Sons their very affordable premium and a small loss deductible to get back to their lives.
Without the renters policy, they would have been 'hurting' for a long time