There are some advantages to living in a rental property. If a pipe bursts or a pest problem gets out of hand, you can always get your landlord to take care of it. However, your landlord can’t be held responsible for everything, so having some renter’s insurance to cover the unforeseen is a good idea. Of course, there are a few things you may want to know before getting into renter’s insurance.
Is Rental Insurance a Requirement?
Not by law, but some landlords will make it part of the lease agreement. It’s proof that you’re a low-risk tenant and will cover housing costs should you be displaced due to damage to the rental property.
What All Does Rental Insurance Cover?
The standard policy covers liability, medical payments, loss, and personal property. If someone or their property is damaged on your rental property, rental insurance covers that and pays off their medical bills. If you can’t use your rental property because of damage, rental insurance will pay your hotel fee and restaurant bills. If your belongings are damaged, rental insurance will cover that.
Is Rental Insurance Expensive?
Some policies are so inexpensive that college students can afford them. College students and renters with very little in the way of savings are prime candidates for rental insurance to prevent being wiped out by an unavoidable disaster.
Will My Roommate’s Policy Cover My Belongings?
This is one thing roommates don’t typically share. Not all insurance companies or states will allow roommates to share a policy, so it may be best to get your own.
Contact Kriener Insurance in Woodbury, MN
Do you have more questions? Most likely, you do. If you are in Woodbury, MN, the agents at Kriener Insurance will be happy to help with any questions or concerns.