Will My Landlord’s Policy Cover Me?

Posted in

February 5th, 2009

In most cases, your landlords insurance policy covers the structure you live in, but it does not cover your personal belongings or provide liability insurance. Your landlord’s policy covers only the building and walls, not the space within your apartment. Some renters will fail to realize that their possessions are not covered, and they might have to find out the hard way.

If your personal possessions were damaged during a fire, or firemen had to break through your walls and destroyed your furniture during a fire, those items will not be covered under your landlord’s insurance policy. If your possessions were insured through a rental insurance policy however, you would be fine.

When you purchase renters insurance, your personal property is covered against losses from fire, smoke, water damage (excluding floods), and even theft or vandalism. Renter’s insurance can also help cover costs if you need a place to stay if your apartment is destroyed, assist you with legal fees if someone is hurt in your home and you are being sued, and could protect your possessions if they are stolen or damaged.

Since renters insurance only covers personal possessions, the premium can be extremely low. It is an ideal and inexpensive way to protect the things you own. A laptop, television and music equipment can add up if you lose it all at once. Talk to your insurance agent or look into insurance policies online to help determine what sort of policy will fit your needs and your budget.