Do I need insurance if I rent my home?

If you live in a rental property, do you know that you really need to have renters insurance if you want your belongings to be covered? Your landlord may not have discussed insurance with you when you first moved in because he has his own insurance policy on your rented home. However, that policy will not cover your belongings. It only covers the things he owns, which consist of the building itself and some of the interior workings of that building. You will need to have your own insurance policy if you want your personal property to be covered in the event of a claim situation.

A renter’s insurance policy will protect you financially if your belongings are damaged by a listed peril and fall within your policy’s limits. The good news is that a renter’s insurance policy will not cost you an arm and a leg. Because a renter’s policy only covers the contents of your home and not the home itself, premiums are relatively smaller than those of a homeowner’s policy.

Also, if your rented home falls within a flood plain, you may want to find out about a renter’s flood insurance policy as well. Similar to your landlord’s rental property insurance, his flood insurance only covers the structure of his rental property as well. It does not cover your belongings within the home. So, you may want to consider getting a quote for a renter’s flood policy when you get your regular renter’s insurance quote as well.

We can certainly explain your options to you when you call us here at Dagley Insurance & Financial. We know your belongings are important to you and want you to have the best coverage possible for anything that could go wrong. Call us with all your questions and concerns, today.
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