Renters Insurance - Why it is Necessary
Written by Attorney Michael T. Chulak
One of the most common errors made by renters is the failure to protect themselves, their families, and their property against the risks covered by renters insurance. One of the most common errors made by landlords, property managers, and homeowner association boards is the failure to require, or at least suggest, that tenants obtain renters insurance.
Even though renters don’t own the real estate they call home, they do own personal property that should be protected, and they can be sued because of injuries that occur within their residence, or outside their residence in any area under their total or partial control. Landlords do not provide such coverage for their renters.
Some of the types of losses covered by most renters insurance policies include losses from:
Renters insurance policies generally do not cover floods, business operations, use of personal vehicles, and professional services.
- Theft of personal property;
- Fire and lightning;
- Windstorm and hail;
- Smoke, if sudden and accidental;
- Discharge of water from plumbing, household appliances, and the air conditioning system, if sudden and accidental; and
- Loss of use caused by other covered losses.
If you are currently renting, we strongly suggest that you protect yourself, your family, and property by acquiring protection now. The cost is low, but the value is high. You should also take the time to inventory your personal property. Include photos of your most valuable property and be certain to keep a duplicate copy at another location.
Call attorney Michael T. Chulak at 818-991-9019 for a no cost initial consultation regarding any legal matter.
Permission to reprint our HOA Questions and Answers is granted provided Michael T. Chulak & Associates (MTCLaw.com) is credited as the source.