A: If you live in an apartment or a rented house, renters insurance provides important coverage for both you and your possessions. A standard renters policy protects your personal property in many cases of theft or damage and may pay for temporary living expenses if your rental is damaged. It can also shield you from personal liability. Anyone who leases a house or apartment should consider this type of coverage. Some renters believe that their landlords will insure the tenant’s belongings but this is almost never the case.
A: Owners of apartment complexes buy insurance policies for their liability and to cover their buildings and personal property. However, these policies do not cover any of the tenant’s property or liability. By requiring their tenants to have renters insurance, the apartment owner is assured that the tenants will not mistakenly believe the apartment complex owner’s policy will provide coverage for a tenant’s property or personal liability. The landlord may also be concernted that their tenant have a policy to pay for liability that the tenant is responsible for such as injuries to guests or property damage that is the fault of the tenant. Although this type of requirement benefits that apartment complex owner, there are benefits to the renter as well. We recommend that you purchase renters insurance regardless of what your landlord requires.
A: Standard renters policies cover only you and certain relatives that live with you. If your roommate is not a relative, each of you will need your own renter’s policy to cover your own property and to provide you liability coverage for your own actions.