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Signing Paperwork

Your rental property is your home. However, you don't own the structure in which you live. That belongs to another party who will expect you to take care of yourself in the space. To create a safeguard in the home, the landlord will likely require you to have renters insurance. By doing so, they can better prove that you will protect both your own and their interests in the property. Why is this so important to everyone involved in the deal?

Renters insurance doesn't just protect you. It protects both the house and the landlord as well. Therefore, work closely with your property owner to determine the coverage you need.

Why Landlords Require Coverage

Upon signing a lease, your landlord will likely notify you if you need renters insurance. Often, your lease will tell you the exact coverage limits you need. However, one of the common types of coverage they';ll require is liability insurance.

One reason your landlord will require this protection is relatively straightforward. Liability coverage will protect them from your mistakes.

Liability insurance applies to the damage you do to others. So, since the home belongs to the property owner, damage you cause while living there will affect their bottom line. Therefore, they might have a right to make a claim on your liability policy. A settlement will thus help them protect themselves from financial losses.

Coverage Also Benefits Policyholders

Do not assume that renters insurance is only for the benefit of the property owner. It helps the renter themselves. By getting coverage, you'll create a better financial cushion for yourself.

  • With your liability coverage, you'll be able to turn to your policy to pay for damage you cause. For example, if you cause a fire, your policy might provide the property owner with money to make repairs. Coverage will therefore mean that you won't have to dig as deeply into your own pockets (if at all) to pay for repairs.
  • Most rental policies contain possessions insurance alongside the liability insurance. Coverage extends to your personal items inside the rented structure. These items belong to you, not the property owner. Therefore, only your own insurance will likely apply to the losses. So, if the above fire damages your belongings, your coverage might be able to help.

Remember, if an unexpected incident damages the home's structure, the landlord's property insurance will likely cover the damage. Furthermore, if another party damages your belongings, it's their liability insurance that might pay a settlement.

So, scrutinize all damage claims with the help of your BluCanopy agent. They can help you decide what damage to claim on your own insurance, and when to look to other parties for a liability claim.

Posted 10:00 PM

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