Basic Renter’s Insurance covers a tenant’s personal property. The Landlord’s insurance policy, which covers the building, usually does not cover the tenant’s property.
Requiring Renter’s Insurance
Many Landlords include a provision in their lease that states that they are not responsible for loss or damage to the tenant’s property. Also, the landlord will stress the importance of the Tenant obtaining Renter’s Insurance. Some Landlords go a step further – they include a provision in their lease which requires a Tenant to obtain and maintain Renter’s Insurance for the duration of the lease.
If the policy is optional, then the renter will have to weigh the cost and benefit of having a Renter’s Insurance policy.
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