Renters Insurance helps with the replacement costs if any of your personal belongings are damaged, so why would your Landlord require you to have this insurance?
This video has the answer.
Here's a transcript of the video:
When you’re renting, you don’t actually own the building your living in. Makes sense, right? When you sign a lease, your landlord expects you to take care of the property. To create a safeguard against any damage that may occur, your landlord may require you to have renters insurance, specifically liability coverage.
Liability insurance applies to the damage you do to others. For example, if you cause a fire, your policy might provide the property owner with money to make repairs.
But renters insurance protects you too! If your policy contains possession insurance, the coverage will extend your personal items inside the rented structure. So, in the fire example, if your belongings are damaged too, your renters insurance may be able to help you replace the damaged items.
Learn more about renters insurance at blucanopy.com.
Disclosures: This video is for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state.
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