If you rent an apartment, house, townhouse or condo, it is very important that you protect your assets and also make sure that your landlord is protecting theirs as well. There are some things you are responsible for covering and some that your landlord is responsible for. You are responsible for insuring your own personal possessions and often liability for any incidents that occur on the property that you are renting. Your landlord is usually responsible for insuring everything else.
Your landlord has the responsibility of insuring the building itself, which is the apartment, house, townhouse or condo that you are renting and living in. The landlord is also responsible for insuring anything inside the house that he or she owns. This includes things that come with the house like refrigerators, dishwashers, stoves, washer and dryers or other appliances and items. The landlord needs to have these items included in their insurance policy. However, if the washer and dryer belongs to you, then you would be the one responsible for insuring it.
If your landlord is the one who is responsible for the property’s upkeep such as keeping sidewalks free of snow, ice, sleet and debris, then your landlord is the one who is responsible for having liability insurance for the property. Liability insurance covers incidents that occur on the property such as people slipping and falling due to snow or ice on the sidewalk that hasn’t been properly cleared.
There are eight types of home owners insurance and renters insurance is one of them. The other types of home owners insurance are the responsibility of your landlord which will insure the property as well as the landlord’s belongings. Some insurance only covers the building itself along with appliances or certain other attachments.
If you are not sure what your insurance responsibilities are you need to discuss it with your landlord. They can let you know what you are expected to cover. If you are the one who is responsible for clearing walkways then your landlord can make you the one who is responsible for having liability insurance. If you do not clear the sidewalk and someone slips and falls, your landlord doesn’t live in the house and should not be responsible for paying the liability even though you were the one who neglected to clear the sidewalk.
When you discuss renters insurance with an insurance agent, they will ask you questions about what your coverage needs are. If you own any special items such as antiques, paintings or jewelry make sure you discuss these with your insurance agent.
Another thing you can ask your insurance agent about is to find out if you are eligible for any discounts. Many times buying all of your insurance from one insurance company will qualify you for a discount, such as having your auto and renters insurance policies with the same company. Also devices that help to reduce the risk of loss such as smoke detectors, fire extinguishers and alarms can also help to lower your premiums for renters as well as landlords.
