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Renters Insurance Coverage vs. Landlord's Property Insurance

By Compuquotes Team on March 27th, 2008

Renters Insurance

Many people who rent an apartment, house, or other residence live under the assumption that they will be covered by their landlord's insurance in case of a break in, fire, or other disaster. Unfortunately, this is usually not the case. Because of this, it's generally recommended that anyone who rents their home takes out renters insurance to protect their personal property. Since there are a number of people who don't know exactly what's covered by renters insurance policies and what would be covered by their landlord's insurance, the following information will help to sort out any confusion about the two insurance types as well as exactly what is and isn't covered by your renters insurance policy.

  • Similarities of renters insurance and property insurance

Though it should be obvious, there are a few differences between the coverage provided by renters insurance and a landlord's property insurance. While the renters insurance that you take out will cover most of your possessions from a number of different types of damage as well as theft, your landlord's property insurance will provide similar coverage to the rental property itself and any furnishings that were provided as a part of your lease agreement. Both insurance types may require additional coverage to be purchased if they are intended to insure against water damage caused by flooding or damage that is caused by earthquakes. The differences between renters insurance and property insurance allow the two types of insurance to work together and provide almost total coverage for rental properties even though different responsibilities are legally laid out for both the landlord and the tenant.

  • What's covered in your renters insurance

When you're looking at your renters insurance, the coverage that it provides is for pretty much everything that you've brought in to your apartment or rental home. This not only includes furniture and any appliances that you own or lease, but also personal belongings such as CD's, DVD's, electronics, pictures, and books. Pretty much anything that you can consider to be your personal property will be covered by your renters insurance, and likewise isn't covered by your landlord's property insurance. If you don't have renters insurance and your rental property is robbed or is damaged by natural disaster, you will most likely have no way to claim damages on any of your personal property that is stolen or destroyed.

  • What's not covered in your renters insurance

Since your renters insurance covers your personal property, it should be obvious that it doesn't cover the rental property itself or any furniture or appliances that were supplied by your landlord as a part of the rental's furnishings. Any equipment that falls under the landlord's maintenance requirements such as the water heater and electrical systems won't be covered since they are your landlord's responsibility, though if any of your property is damaged because they have malfunctioned then you will obviously be able to claim the damages on your renters insurance policy. Also excluded are any home furnishings that are related to other specific responsibilities that your landlord has according to the law of the state where the property is located.

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