The Benefits of Renters Insurance for Tenants and Landlords

Advantages for Tenants

Protect Your Personal Belongings

Renters insurance covers all personal belongings inside your living space and vehicle. That includes loss or damage of your possessions due to fire, natural disaster, burglary, vandalism, explosion or falling objects.

You may believe you don’t have many valuable possessions but imagine replacing everything you wear and use every day. That could add up quickly and cost several thousand dollars.

Items covered by renters insurance include:

• Clothing
• Electronics and smart devices, such as computers, laptops, tablets, phones and watches
• Jewelry
• Gaming systems
• Furniture
• Appliances

Liability Coverage

Someone could file a lawsuit against you if they’re injured in your apartment and can’t afford their medical bills. Standard renters insurance policies include liability coverage to help pay the cost of judgments and court fees.  There’s usually a limit on the dollar amount based on your policy. Liability coverage doesn’t extend to accidents or injuries caused by negligence or intentional acts.

A liability policy includes bodily injuries caused by:

• Falls
• Altercations
• Animal bites
• Broken furniture
• Hazardous conditions

Affordable Protection

The average renters insurance policy can cost $13 to $30 per month depending on where you live, coverage, deductible and type of possessions. Insuring your personal property can support your budget and prevent you from having to replace your belongings if they’re destroyed.

Advantages for Landlords

H3: Protect Against Property Damage

The insurance you have to cover structural damage to your living community may not extend to your tenants’ belongings. Fire, theft and other accidents can occur at no fault of the renter, so they could seek restitution from you as their landlord or property manager. Requiring renters insurance protects their possessions in the event of a disaster and your company from potential recourse.

Cover Relocation Expenses

You could be responsible for a tenant’s living expenses if their apartment is uninhabitable due to damage or construction. Renters insurance covers those costs, so residents don’t have to pay out of pocket.

Relocation expenses can include hotel stays, food and transportation. The length of time and amount included in that coverage depends on the individual policy. Requiring tenants to have renters insurance allows them to live comfortably at no cost to you while you complete repairs or renovations.

Reduce the Risk of Premium Increases

Renters can file a claim through their insurance company instead of seeking compensation from you for lost, damaged or stolen possessions. You may face higher insurance rates if a tenant files a claim through your policy. Reducing the number of claims decreases the likelihood of a premium increase, too.

Spacious Apartments and Townhouses in Columbus, Ohio

Whether you’re looking for an apartment for yourself or with roommates, we can provide you with an ideal living community. Ardent Communities has one-, two- and three-bedroom apartments in and around Columbus, Ohio. Contact us to schedule a tour.