Renter’s insurance protects the Landlord and Tenant
Basic Renter’s Insurance covers a tenant’s personal property. The Landlord’s insurance policy, which covers the building, usually does not cover the tenant’s property. However, when an uninsured tenant’s personal property is destroyed (by fire, flood, etc.), the tenant is much more likely to sue the landlord for their losses. Tenants with renter’s insurance will likely have their losses covered by their insurer and are less likely to seek redress from their Landlord.
Requiring Renter’s Insurance
Many Landlords include a provision in their lease that states that they are not responsible for loss or damage to the tenant’s property and the importance of the Tenant obtaining Renter’s Insurance. Some Landlords go a step further, they include a provision in their lease which requires a Tenant to obtain and maintain Renter’s Insurance for the duration of the lease.
The Law Firm of Vaughn & Weber, PLLC is here to assist you. We can be reached at (516) 858-2620.
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