Does Renters Insurance Cover The Building?
16470 POINTSview profileDavid OsgoodAgent, Rural Mutual Insurance Co., Union Grove, WIRenters insurance typically only covers the personal property of the insured against covered perils. The building is typically covered by the landlord under a type of homeowners or business property policy. Please remember every company and policy are different. Read your policy completely to know what coverage and exclusions may be contained or call your local agent to have them go over the policy with you.Answered on April 24, 2013flag this answer- 16470 POINTSview profileDavid OsgoodAgent, Rural Mutual Insurance Co., Union Grove, WIRenters insurance will not cover the building for damage typically. To cover a building properly the building owner will want to have a homeowners policy or commercial property policy. Renters insurance typically only provides coverage for the insured's personal items. Read your policy completely to understand what coverage is provided and any exclusions may be contained within the policy.Answered on July 30, 2013flag this answer
37376 POINTSview profileDavid G. Pipes, CLU®, RICP®Business Development Officer, T.D. McNeil Insurance Services, Fresno, CaliforniaA basic insurance principle is that you can only insure something in which you have an interest. Your landlord owns the building. Providing insurance for the structure is his or her responsibility. Your stake is the contents. You own those, you can and should insure them. Additionally you are responsible for what happens on the rented premises and so liability insurance is essential.Answered on December 12, 2014flag this answer
21750 POINTSview profileJim WinklerCEO/Owner, Winkler Financial Group, Houston, TexasThat is a great question! Very simply, here's how renters insurance works - your landlord (or their company) owns the building, and the risk of loss if something were to happen to it, so they have the policy covering the building. You own the stuff in your apartment not the landlord, so the risk of loss for your things is yours, per your lease agreement, thus the need for the renters insurance. Between both policies everyone is covered. Thanks for asking!Answered on December 16, 2014flag this answer
Did you find these answers helpful?
Yes
No
Go!
Add Your Answer To This Question
You must be logged in to add your answer.
.JPG){kind=avatar}
