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Many renters mistakenly believe that their liability and property damage risks are covered under the insurance policy that their landlord or management company already holds. However, as most insurance agents already know, that’s simply not the case. The property owner’s insurance policy covers losses to the building itself and excludes coverage for personal property belonging to the occupants.
Just because a renter doesn’t own the property they live on, doesn’t mean they aren’t liable for anything that happens there. As inhabitants, they need habitational insurance protection. Renters insurance helps cover renters from a variety of losses, but many renters don’t realize the importance of this type of coverage until they’re already facing a hefty financial setback that they have to pay for out of pocket. Below are the four most common insurance claims filed by renters.
1. Theft Claims
No one wants to come home to find that their home is broken into, but it happens quite frequently to both homeowners and renters. For a homeowner, loss of personal property is included in their homeowners’ insurance policy. For renters, loss of personal property is not something that would be included in their landlord’s insurance policy. Renters insurance does cover the cost to replace stolen items, often for whatever their current retail price would be rather than an estimated value, so that renters can replace their possessions quickly and easily after a theft occurs.
2. Vandalism Claims
Sometimes vandalism occurs alongside a theft, and sometimes it is a separate event. Depending on where the vandalism occurs, the renter may be responsible for some of the damage. Renters insurance can cover the cost to replace and restore the vandalized property, so that the renter won’t have to pay out-of-pocket.
3. Fire Claims
When a fire occurs in a rental home, the resident is not responsible for damage to the structure. Walls, floors and even cabinets are covered under the landlord’s insurance policy. However, the renter is usually responsible for temporary living arrangements while their home is being repaired and restored, as well as for replacing any of their own damaged property. Renters insurance can help cover the cost of lost property, a hotel or temporary rental home and even specialized cleaning for items that were not lost in the fire but were affected by smoke.
4. Bodily Injury Claims
Accidents can happen, and sometimes visitors to a rental home get injured. The most common bodily injury claims in rental homes are from dog bites or slip and fall injuries. These injuries can leave guests with costly medical expenses, and they may turn to the renter to help recover some of those expenses. Renters insurance does offer liability protection coverage for non-intentional third-party bodily injury in a rental property.
About Mavon Insurance
At Mavon Insurance, we pride ourselves on our unique approach to insurance. We focus on integrity, communication, professionalism, respect and gratitude to help our clients succeed and place business in specialized markets. For more information about our products, or to become an agent, contact us today at (855)-248-1480.