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What does renters insurance cover for landlords?
I am trying to decide whether I should require my tenants to carry renters insurance. Are there benefits for me? What does renters insurance cover for landlords?
Bonnie Stinson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Great question. Renters insurance primarily protects the renter’s personal belongings, but there are additional coverages that could end up benefiting the landlord.
A standard renters policy includes personal property coverage, liability protection, and loss of use up to the policy limit.
Here’s how this could play out in a disaster situation.
Let’s say a lightning strike burns down the unit. No one is hurt but the place is completely uninhabitable and everything inside is lost. Your landlord’s policy will kick in to cover repair costs for the physical building, minus the
deductible
.Your tenant now needs a place to live along with new clothes and furniture.
If the tenant had renters insurance, they will get some temporary living expenses covered thanks to the loss of use clause. If they didn’t, they might demand that the landlord help with relocation costs.
If the tenant had renters insurance, they can get some reimbursement for lost personal items. If they didn’t, they may decide to come after the landlord with a lawsuit to recoup costs.
Ultimately, it’s a good idea for landlords to require tenants to carry renters insurance to reduce vulnerability to lawsuits.
If you have any questions about
renters insurance
, reach out to Jerry
. We can answer questions and help you navigate the process of comparing and buying policies. You can also download the free Jerry app to find a cheap policy.Hope this was helpful!
View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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