Home Property Insurance

Do I Need Renters Insurance, The Ins and Outs of Insurance For Home Renters

Renter insurance is insurance that guarantees the rights of the renter that may not be received due to an incident or other thing.

Overview #

Almost every item can now be insured, including property. Insurance regarding the property itself has spread everywhere. But most people only know insurance related to the property they own. What if the house is a rental residence. Is there also insurance for renters?

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Do I Need Renters Insurance? An overview of Insurance for Property Renters #

In the world of property rentals, unit owners tend to insure their property to be safe. But not many tenants have taken similar action and bought renters insurance. They consider the owner’s insurance sufficient to cover property damage that may occur.

Even though insurance for renters has more functions than that. In simple terms, renter insurance can be interpreted as:

Renter insurance is insurance that guarantees the rights of the renter that may not be received due to an incident or other thing. This insurance also protects the value of all tenant’s belongings while occupying the rental unit. This concerns the presence of built-in furniture and even cars.

Do I Need Renters Insurance
Do I Need Renters Insurance

Many insurance companies have now provided this renter insurance product in their business units because they feel that the rights of tenants need to be upheld. This thought arose because of the risk of property damage and everything in it could happen at any time.

In some countries insurance for tenants of this property already exists in several insurance companies. The premium depends on the construction of the house, the surrounding conditions of the dwelling, and the location where you live.

But what must be remembered is that you must carefully inventory all personal items and accessories that are in your rental property. Do not let the goods or parts of the unit become uninsured because you forgot to record it as part of the rental property.

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What Rental Property Insurance Policyholder Can Claim #

When someone decides to take insurance for renters, they can claim the following:

What Rental Property Insurance Policyholder Can Claim No.1 – Do I Need Renters Insurance

Regarding Lost or Damaged Items at the Rented Property #

Crime can happen to anyone, anywhere and anytime. No exception also acts of theft can happen to you. Your valuables can be stolen and you will incur losses if you don’t insure them beforehand. Renters insurance makes it easy for you to claim if there are valuables that are lost or damaged while occupying the rental residence.

The insurance company can replace the value of the lost goods in accordance with the agreed coverage figures. However, it must be remembered that a claim can only be submitted for valuables that you have registered with the renter insurance.

Insurance companies will not compensate for goods that are not registered with them. For example, there is no compensation for a lost laptop if you do not include this type of item in the renter’s insurance agreement.

What Rental Property Insurance Policyholder Can Claim No.2 – Do I Need Renters Insurance

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Temporary occupancy when the rental property is damaged #

Major damage, such as fire, porous frames, or roof trusses that must be repaired, is the responsibility of the owner. However, you must understand that any repairs to the unit may make it difficult for you to live in the residence and have to find another place first.

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There are several options for tenants who experience damage to their rental units, namely:

  • Survive in a dwelling that is being repaired accompanied by a lot of dust.
  • Accept the owner’s decision to refund part of the rent and encourage you to find a new rental space.
  • Take renter’s insurance when you want to occupy the rental property.

What Rental Property Insurance Policyholder Can Claim No.3 – Do I Need Renters Insurance

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Payment for Property Damage to be borne by the Tenant #

Do I Need Renters Insurance
Do I Need Renters Insurance

In the rental contract agreement, there are usually points that divide the responsibilities of the owner and tenant of the property. The unit owner is generally only obligated to repair the part of the property that is heavily damaged. However, minor problems such as leaky roof tiles or plumbing problems are borne by the tenants.

It is also possible that the rental owner will repair it but ask for compensation from you. Of course, these small property improvements also require funds. You may have to spend a lot of money if there is a lot of minor damage to the rental house.

You will not experience it if you have previously taken renter’s insurance. The insurance company will pay the bill for the damage caused to the property you live in.

Of course, the coverage is in accordance with the agreement in the insurance contract that has been signed by the tenant and the insurer. That way you don’t have to worry if suddenly the owner’s furniture in the rental unit is damaged due to flooding or the act of pets. It’s better to be on guard by taking part in renter insurance than having to bear large losses in the future that may occur while you occupy the rental unit.

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The Conclusion #

Hopefully, the above review on insurance for property tenants is useful for you, keep reading other reviews about property insurance to get more informative and rich knowledge.

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By Matt Adam

Administrator and Author

Matt Adam is the founder and administrator of, the insurance best resources site. Learn more about him here and connect with him on the...