What you're going to want is called a Renter's policy. It is written on a homeowner's policy platform, but gives no coverage for the physical property of the home. This type of policy provides coverage for your personal belongings as well as personal liability coverage for yourself. The hidden gem in a Renter's policy is Loss of Use coverage. Loss of use provides coverage for your additional living expenses if you are not able to stay in your current rental due to a covered loss, such as fire or smoke damage, or hurricanes and tornadoes. The policy pays additional rental expense, transportation expense, and often times eating expenses due to the imposition of being without your original rental.
When renting a home, the home owner needs to have Landlords Insurance to provide coverage for the Dwelling and Premises Liability. The renter needs to buy Renters Insurance to provide coverage for Personal Property & Family Liability.
Although both the Landlords policy and the Renters policy are not required by law, it is advisable to be covered in the event of a claim. Many large property management companies and property owners do require tenants to purchase Renters Insurance as a condition to the Rental Agreement; the reason for this is to avoid lengthy and cumbersome legal issues in the event of a claim attributable to negligence. For a small premium the Renters Insurance provides the tenant with Family Liability coverage which will offer defense and payout damages up to the policy limit. Liability coverage will offer protection for negligence that may lead to a claim (i.e. accidental fire, smoke, water damage etc...)
Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
Most states do not require that renters obtain renter’s insurance. It is, however, prudent if the loss of your personal property would put you in financial distress. Since that is true of most renters, it is a good idea to trade a small payment, the premium, to protect you from having to pay the large amount generated by a claim. If it goes up in smoke, it is always nice to be able to recover.
.JPG){kind=avatar}
Although both the Landlords policy and the Renters policy are not required by law, it is advisable to be covered in the event of a claim. Many large property management companies and property owners do require tenants to purchase Renters Insurance as a condition to the Rental Agreement; the reason for this is to avoid lengthy and cumbersome legal issues in the event of a claim attributable to negligence. For a small premium the Renters Insurance provides the tenant with Family Liability coverage which will offer defense and payout damages up to the policy limit. Liability coverage will offer protection for negligence that may lead to a claim (i.e. accidental fire, smoke, water damage etc...)