While your landlord probably has the building insured, it doesn’t mean you don’t need your own insurance policy. Read on to find out more.
Landlord insurance is a type of insurance policy that provides protection for landlords and their properties in the event of any physical damage, accidents, or liability lawsuits. This type of policy is essential for landlords to have as it can provide coverage for any unfortunate incidents on the property. However, it doesn’t mean that it provides protection for tenants. In this article, we’ll be taking a look at exactly what your landlord’s insurance covers.
Coverage Provided by the Landlord’s Policy
Generally speaking, the landlord’s insurance policy covers the physical structure of the property and any structures on it that are owned by the landlord. This includes things such as detached garages, fences, landscaping, and more. Additionally, if there is an injury that happens on premises due to negligence from the landlord’s side, then this policy can protect them from any potential liability lawsuit arising out of this incident.
Exclusions of the Landlord’s Policy
Unfortunately, there are some exclusions when it comes to a landlord insurance policy. These include losses caused by tenants or their guests such as accidental breakage or theft. The policy also does not typically provide any coverage for any possessions inside the home belonging to the tenant(s).
How to Know What You’re Covered For
In order to get a full understanding of what is covered under your landlord’s policy, you must read through your lease agreement carefully and pay close attention to all sections related to insurance coverage. Having a professional review your contract can also help ensure you understand what type of protection you have should unforeseen events occur.
Why You Should Have Your Own Tenant Insurance
Having your own tenant insurance policy is just as important for renters as having their own landlord insurance policy is for landlords. Although the landlord’s policy may cover the building, it doesn’t provide any coverage for your property inside the apartment or condo unit. Also, having an ongoing tenant insurance policy is often a requirement of your lease.
Let’s take a look at the policies included in tenant insurance that make it such a worthwhile investment:
This type of tenant insurance policy protects the tenant from any potential legal issues due to negligence on their part. It covers any damage caused by the tenant, such as accidental breakage or theft by guests. Having this additional protection will provide an extra layer of security against costly lawsuits that may arise out of any unexpected incidents.
Related Read: When Are You Liable for Your Guest’s Injuries?
This type of insurance covers any possessions inside the home belonging to the tenant(s). This includes items such as furniture, clothing, electronics, and more. Having contents coverage provides tenants with assurance that their personal belongings are protected in case anything unforeseen happens.
Additional Living Expenses
In addition to covering property damage and liability, this type of policy also covers any additional living expenses if the residence becomes uninhabitable due to a covered incident. This includes things like hotel costs and food bills should tenants need to find temporary housing while repairs are being made or until a new residence can be found. Having an additional living expenses policy in place is essential for renters who want to make sure they have protection for any unplanned costs that may arise due to unforeseen events.
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