Does Home Insurance Apply To Me If I Rent?

Yes, but it is optional. Many landlords insist that their tenants get renter’s insurance coverage. Though the building cover and the contents cover applies to the owner of the house; it is a good idea to have renter’s insurance.

Under homeowner’s policy, the tenant’s personal possessions are not covered. Many homeowners, in order to avoid disputes arising from damage to the renter’s belongings, insist that a tenant buy renters insurance before signing a lease.

In case of a fire or other disaster, your landlord’s insurance will cover the costs of repairing the building. However, to protect your belongings, you will need to buy renters or tenants insurance. Renter’s insurance protection includes the following:

  • Coverage for personal possessions
  • Liability protection
  • Additional living expenses (ALE)

Coverage for personal possessions covers your personal property in case of theft, fire and a host of other unfortunate events. Liability protection protects you from claim for damages in case of any untoward incidence happening in your rented premises. Additional living expenses are what you get in case there is a major repair or reconstruction work that requires you to stay elsewhere. You get the expenses to stay in a hotel, for meals and other incidental expenses.