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Brehm and Dobson Insurance BrehmandDobson.com The Importance Of Renter’s Insurance There are many inconvenient, unexpected accidents and unfortunate occurrences that can wreak havoc on homeowners and renters alike.

Published : Wednesday, January 08, 2014
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Brehm and Dobson Insurance BrehmandDobson.com
The Importance Of Renter’s Insurance
There are many inconvenient, unexpected accidents and unfortunate occurrences that can wreak havoc on
homeowners and renters alike. For homeowners, insurance is a requirement that the mortgagee must agree
to for protecting collateral and more often than not, a person can?t even secure a mortgage without
agreeing to and maintaining a suitable policy.
Landlords are required by a mortgage bank to maintain an insurance policy as well. This is intended to cover
the building that the landlord owns and rents, and helps to protect the landlord against any possible lawsuits
that might come about as a result of accidents that might occur on his or her property. Renters need to
understand that just because their landlord has an insurance policy does not mean that they are covered
themselves. In fact, a landlord?s insurance doesn?t cover the tenant?s personal possessions whatsoever,
which is why Mechanicville insurance for renters is so crucial to have. For many renters this realization comes
as a surprise, often an unwelcome surprise after an accident has occurred which has caused them to lose
money or belongings. A surprising number of renters have not taken advantage of policies which are
specifically tailored to their needs as a renter. By some estimates, as many as two-thirds of renters are
uninsured, leaving them in very vulnerable positions.
Some renters might just assume that they are already covered in some form or another by the insurance
held by their landlord, while others yet don?t seem to understand the need for insurance of their own. They
may figure that since they aren?t homeowners, they don?t require the protection, or they may not even
know it is available for renters. As a renter it?s important to consider that even though you may not own the
building itself, you still have many goods at stake. Your stereo, your large television, any appliances you
might own, any furniture or electronics, and even your wardrobe are all valuable personal belongings that
renter?s insurance should cover in case of theft or disaster.
Renter?s insurance is also quite beneficial for liability issues such as if a repairman who visits the property
trips over your furniture or the cord of your lamp or your dog scratches him or nips at his ankle. If he decides
to press charges against you, it?s your issue as the tenant, not the landlord?s concern.
Those who own condos are often just as lax when it comes to securing insurance as those who rent even
though they are technically homeowners themselves. Most condominium associations have a master policy
which will insure the condo structure buildings themselves as well as any attempted civil actions against the
association. This doesn?t do a whole lot for the owners of the condos themselves. There isn?t a lot of
pressure on condo owners to secure insurance so many of them go without because they assume they are
protected under the master plan of the condominium association to which they are a part.
The bottom line is, whether you are a homeowner, a condo owner, or simply renting a property, it?s always
a good idea to look into insurance to protect yourself and your family and your personal belongs from a
myriad of accidents that could easily cause great inconvenience if something goes awry. Speak to an
insurance provider that you trust and find a policy that suits your needs.
Document Tags: homeowners insurance, insurance broker
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