All around Lynnwood, WA, individuals, couples, and families are choosing to live in rental homes. Whether it’s a house, duplex, apartment, or condominium, renting has long been a popular option. A common question for those planning to rent, especially first-time renters, is: Why get insurance when the landlord already has coverage? At Securum LLC, we’re here to explain why having a renter’s insurance policy is beneficial in more ways than one.
Owner vs. Renter Insurance
It’s true that landlords typically have insurance coverage. Even if the landlord lives in one of the rental units, they likely have both homeowners’ and landlord insurance. However, here’s what renters need to understand: the landlord’s homeowner policy covers their personal residence, while their landlord insurance policy covers certain aspects of the rental property. This includes the rental building, outbuildings on the property, damage or destruction to the property, loss of rental income, and liability coverage. Notably, a landlord’s policy does not cover a tenant’s personal belongings.
By purchasing a renter’s insurance policy, you’re protecting your personal belongings from unexpected events like fires or theft. If unforeseen circumstances require you to relocate temporarily, renters’ insurance can help cover those costs. Additionally, liability coverage is an important feature of renters’ insurance, as it can help cover medical expenses if someone is injured while visiting your home.
Contact Securum
At Securum LLC, our agents are committed to answering all your questions. We’ll walk you through the details and benefits of a renter’s insurance policy, so you can feel confident in your Lynnwood, WA, rental knowing your belongings are protected.
