Question: Will My Landlord’s Insurance Cover My Personal Belongings?
Answer: Generally, your landlord’s insurance policy will not pay for loss or damage to your personal property, except in very limited circumstances. It would be wise to consult a professional insurance agent about the purchase of renters insurance to protect your personal property, give you some personal liability insurance, and potentially provide you with some temporary living expenses in the event that your unit is rendered uninhabitable by an insured loss.
The extent of any recovery you may be able to obtain from your Landlord may depend upon your lease agreement, your landlord’s insurance policy, and your landlord’s ability to pay. Generally, your landlord will only be responsible for damage to your personal property resulting directly from the landlord’s negligence. Even if your landlord is found liable for damage to your property, the landlord’s liability under the law is typically only for the actual cash value of the damaged property, which can be substantially less than replacement cost. Your lease agreement may limit the liability of your landlord to only loss or damage resulting from the landlord’s gross negligence, which can be difficult (and expensive) to prove.
Having the liability insurance that a renters policy provides can protect you against large liability losses. For example, what if you accidentally left the bathtub water running when you left the house, causing significant damage to the personal property of the tenants below you.
When you are a tenant, even if you do not own a lot of personal property, it is wise to consider the purchase of renters insurance. Talk to your professional insurance agent about this coverage. Often times, the coverage is available for less than $20 per month.
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