Rental insurance is often considered the right kind of insurance to have when you live in a multi-unit apartment building or complex—and that’s because it is. But multi-unit buildings that have residents, who all rent their individual apartments, just like you rent yours, are not the only appropriate places for rental insurance. In fact, there are many other situations in which a rental policy would fit, help you protect your property and insulate you from liabilities.
If you are renting a condominium, even if everyone else in the building owns their unit, you still need rental insurance. The condo association may have the outside of the building covered, but they aren’t covering your property or your liability when you have visitors.
Renting a one- or two-story townhouse puts you in a different position real estate-wise than a condo rental, but because you are renting the space and do not own it, you still need to have rental insurance. Some townhouse associations cover the buildings with a master policy while others allow the unit’s owner to provide his own coverage. Either way, the structure is not what you should be concerned with. Instead, the rental policy you purchase will cover your property (which won’t be covered by your landlord) and your potential liabilities.
It may seem that if you live in a house—even though you pay rent every month—that home insurance is an appropriate product for you. But in reality, the dwelling or structure itself is likely covered by the landlord. And she is not covering your personal property or any liabilities you may be exposed to. That is why a rental insurance policy is a perfect fit.
Any time you live in a place that you do not own, but instead rent, you need to have a rental insurance policy to protect your possessions from damage and your wallet from liabilities. Whether you are on a long lease, or month to month, whether in a house or condo building—if you rent and don’t own, then rental insurance is right for you.
We have relationships with dozens of insurance companies, allowing you to get the right price with the right service. No matter your insurance history, we strive to find the right coverage, with the best company, at the best price for you. Our philosophy is to offer you the most valuable services possible to properly protect your family and assets.
As an independent insurance agency we can offer more varied options with the personal touch you would expect from your neighborhood insurance agent.
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Thanks, Jerry Weinfuss