Many of us may have stayed in a rental property. However, the change in lifestyle and the prevailing laws of the USA require most of the tenants to take a rental property insurance today. To our findings, an insurance on the rental property is indeed in the best interest of the tenants. For instance, if a damage takes place on your valuables due to a roof leakage, the landlord’s insurance cover on the property will not cover your loss. Besides, in many a case, the lease deed signed between you and the landlord may have a mandatory requirement on you for an insurance.
In your case, you can safeguard yourself from many unforeseen circumstances and the losses when you take a rental property insurance. In short, the need for such an insurance on the rental property is manifold namely the following.
- Protection on the guest injuries: Guests visiting your home are supposed to be in a safe environment. But, if any one of your guests is hurt due to a slip on the stair or the fall of a heavy painting in the head, for instance, the guest is likely to slap you with a heavy medical bill for reimbursement. However, the protection here also gives cover to the damage inflicted by your pet on the guests.
- Natural disasters: In the case of a natural disaster such as the hail, tornado, and wildfire, chances of getting your rented property damage may be high. The landlord may choose not to repair the property as per the provisions of the lease deed signed with you. But, you can’t afford to sit idle in such a case. You will be happy to know that an insurance on the rental property gives you the necessary cover towards the repair and restoration work.
- Theft: Theft is common even in the most advanced cities in the world. In other words, you need a cover here on the loss of your valuables and belongings through a theft. Your landlord’s insurance isn’t going to give any protection to you. In the majority of the states in USA, there is no stringent law that enforces landlords’ to pay for the loss. Therefore, your insurance on the rental property will come to your rescue.
- Short-circuit fire: A short-circuit fire is unpredictable, but the damage it may cause may be huge. Your landlord’s insurance may not have sufficient cover for all such cases. Hence, you should take an insurance on the rental property that will give you protection here.
- Damage caused to yourself: You may unintentionally break a window, for instance. The landlord may choose to not repair the same on time. Hence, a situation like this may cause serious troubles to you soon such as the damage caused to your furniture and fixtures due to rainwater. Taking an insurance on your rental property, you can relieve yourself from tensions.
There are other covers as well that are included in the rental property insurance such as an extended cover on theft, sewer drainage damage, and the ‘loss of use’ that covers your living expenses in case your home is damaged beyond repair.