Landlords in Vernal, UT as well as other countries have included another addition in their lease agreements–renters insurance. This is due to the popular assumption by tenants that the landlords’ insurance covers their personal property in the event of an accident. Perry Insurance Agency will help you understand more about renters insurance.
What is renter’s insurance?
This is a type of policy designed for individuals who rent a property. Since the renter is not the real owner of the property, this insurance helps protect the tenant’s property and provides liability coverage in case of issues.
Who should purchase renters insurance
Unlike the popular notion that landlords are responsible for renters insurance, tenants are responsible for this policy as it protects what is inside the apartments. The landlord also has his or her own insurance for the building which covers the gate, walls, floor and the ceiling of the property.
Why it is important to tenants
As a tenant, your valuable possessions need to be protected from various inevitable calamities and destruction which can bring losses. Renters insurance offers liability coverage. For instance, if a guest comes over and slips and falls badly that they break an arm, renters insurance can come in to sort the finance needed.
In case of fires or wind damage, renters insurance offers compensation and replacement of all goods destroyed. Damage from wind includes a tree falling on a property. When you purchase renters insurance, your property is also covered from theft or burglary. This is however dependable on an individual policy.
Wondering what type of insurance to buy as a tenant? Perry Insurance Agency has expert insurance advisors to help you out. Visit us at Vernal, UT today.