In this article, we will elaborate on this legal issue and explain the following question. Do you need renters insurance for an apartment? Renters Insurance is very important for the landlord to protect the property and also to be safe from different legal issues, damages, and penalties. If you have an apartment or other property, it must be secured with renters insurance. Do I need renters insurance? And why would I pay for the insurance policies? This question is always in the mind of landlords and tenants. It is very hard in this crucial time to buy the properties and when you have even less income then it is even harder for you to manage and repair every damage to the property. Other than maintenance and repairment of the property, a landlord also has different legal duties attached to the property. For example, if a person damaged the apartment of the landlord then who will be responsible and pay for the damages? Renters insurance covers all these policies, damages within the property, maintenance, living expenses, food, etc. The Renters Insurance Policies are the following:
• Personal property damage
• Loss of use
• Storage unit coverage
• Personal property damage
• Loss of use
• Storage unit coverage
Personal Property Damage
If any personal belonging is damaged or destroyed the renter’s insurance policies will cover it and pay for the compensation. The important thing to consider is the limit of the policies. If the limit is low then the renter’s insurance policies can only give compensation within the settled limit. Another important policy in it is Personal liability. Renter’s insurance policies protect the landlord from personal liability. For example, if the guest is injured in the residence or the dog bit the guest or any person then the landlord is liable to pay the medical bills, loss of wages, and other implications. It became very costly as the settlement for the dog bite is 35,000$ which is a pretty good reason to have renters insurance to protect you from personal liability and any legal issues and penalties.
Loss of Use
Imagine some faulty wire started a fire, which quickly got out of control. Or, a pipe burst in your neighbour's apartment upstairs, your place, walls, ceilings are completely soaked and destroyed. Loss of use is probably the most important policy of renter’s insurance. If by some misfortunate event your home and possessions become uninhabitable or insolvent, destroyed/damaged, you'll have to find another place to stay. In these situations, the loss of use policy of your renter’s insurance would help you cover the additional living expenses. The renter's insurance will pay for the typical living costs i.e. food and other necessary things for a living. The policy will also cover the medical expenditures, even if any person is injured on the property then renters insurance will bear the medical costs and other related costs.
Storage Unit Coverage
Renters Insurance also covers the attached elements with the property i.e. an apartment or other rental property. If you do not have enough storage in the apartment for household items then you can get a storage unit. The renter’s insurance will pay the specific expenses of the storage unit according to the settled policies. Also, renters insurance covers any personal property stored in a storage unit, up to a limited amount. Any personal property away from your listed residence will be covered up to 10% of your total personal property amount. Another important policy that makes renters insurance stand out is Food Coverage. The renter insurance is also legally liable to pay the expenses for the food. For example, due to electric short circuits, the refrigerator might break and spoil the food. In that case, your renter’s insurance is liable to pay for the spoiled food.