Why You Need To Require Renters Insurance

Most homeowners know that they need insurance – their home is likely their greatest asset, after all, and they want to protect it!  For renters, though, the issue can be a little less clear. Renters don’t own the property on which they live – so why should they carry renters insurance?

For renters, insurance is all about the contents of the property.  Even though they may not own the home itself, they do likely own everything inside.  Renters insurance can protect those belongings, and enable a tenant to replace their personal property should it become damaged or stolen.  In addition, renters insurance protects the tenant from liability should a visitor to the property become injured. Furthermore, renters insurance is generally quite expensive – for around $10 each month, a very manageable cost for most, a significant amount of financial protection can be secured.

From the landlord’s perspective, it makes sense to require tenants to carry renters insurance as it protects not only that tenant but also the landlord.  Renters insurance acts as an extra layer of liability protection if anything should happen on the property that they own and manage. In the case of damage to the property caused by the tenant, for example, renters insurance would help to cover the costs rather than laying them solely on the landlord.

So, whether you’re a landlord or a tenant, renters insurance can save you money and heartache in the event that damage or injury occurs on the property – and, given its low cost, there’s no reason not to protect yourself and your property!