Why Renter’s Insurance is Required

Why Invest in Renter’s Insurance?

At Drake Properties, we require that all renters have renter’s insurance. This ensures that both the tenant and the homeowner are protected. The benefits of renter’s insurance for the tenant are as follows:

 

  1. Coverage for personal items—if a natural disaster such as a storm, earthquake, or fire occurs and your ceiling fan or lighting fixtures sustain damage, then the landlord must pay for the repairs or replacement. Repairing damage to furniture and electronics, however, are the responsibility of the tenant. Depending on the insurance policy, your personal property may also be protected from theft.
  2. Protection of your landlord’s property: If you are at fault for breaking something structural in the home such as a window, lighting fixture, or cabinet door, it is likely that the landlord will require you to pay to repair or replace it. Renter’s insurance allows you to file a claim for the insurance to cover the cost. Despite how responsible you are, accidents happen. Guests can be careless, kids can miss the catch, etc. Renter’s insurance prevents you from paying for the unforeseen cost out of pocket.
  3. Liability protection: The policy is in place to cover injury incidents in which the landlord is not held legally responsible. Deciding who is at fault varies from situation to situation, but renter’s insurance ensures that the damages are covered and the slate is wiped clean.

 

Renter’s insurance provides protection for you and your landlord. It offers a sense of security for your family and your home.