Let’s say you’ve found your dream apartment. It’s a short commute to work and has wonderful amenities. Your possible landlord has reviewed your application and finds it to be satisfactory. Then, you’re asked to get renters insurance to complete the lease. This is unexpected and you aren’t sure a landlord can require this.
The answer is “yes.” Landlords can require tenants to have a policy for renters insurance. The reason landlords in NE Arkansas request their renters to get insurance is to avoid possible disputes that could arise should the tenant’s personal property get damaged while living in the property. Even if your landlord doesn’t require it, you may want to get a policy.
For an average renter, this insurance gives protection and coverage for these:
Extra Living Costs
In the event your apartment building or rental home remains temporarily unlivable because of destruction following a covered catastrophe, like a fire, renters insurance could help pay for unanticipated extra expenses, such as a hotel bill, as long as you can’t live in the rented home.
It’s important to remember the coverage has limitations. The most an insurer like GTW Insurance pays for covered damages is detailed in your specific policy. You want to get insurance with adjustable policy limits, so your coverage meets your different needs.
Should you become legally responsible for another person’s property damages or injuries, liability coverage could help to keep you from having out-of-pocket expenses for corresponding costs. Imagine you are in your home being inattentive. You leave the water running in the bathtub and the water overflows and damages the apartment beneath you or your bathroom floor. Liability renters insurance could pay for the repair costs.
Coverage for Personal Property
If your belongings get ruined or damaged by a covered danger, renters insurance in NE Arkansas may pay to replace them. This coverage means if fire damages your apartment or rental home, you’d get your clothing or furniture replaced or repaired.
Renters insurance in combination with your landlord’s insurance policy helps keep a horrible situation from escalating and getting worse. If you have questions about renters coverage, contact GTW Insurance today.