Is Renter's Insurance Enough

9/22/2021 (Permalink)

The main advantage of living in an apartment is you needn't concern yourself with the typical structural maintenance and repairs of homeowners. However, that doesn’t mean a renter is completely without concern or need of a robust renter's insurance policy or a storm mitigation specialist in Aurora, Illinois.

Flooding, for example, is a complex issue involving structure and personal property. What happens in this situation? Are you or the landlord responsible, and if you are, will your standard insurance coverage be enough? There are a few things to understand in such complex situations.

Things to Know about Renter's Insurance

1. The Landlord is Only Responsible for the Structure of the Building

A landlord is not responsible for all contents inside of a building, typically. They are liable for any damage to the property and structure of the complex. The landlord must also maintain all essentials and ensure a safe and habitable environment.
However, while a landlord is not responsible for damages to personal property in most situations, they might be liable if they did not take adequate action. If a landlord, for example, waits several days to report the aftermath of a flood, resulting in more water damage and potential mold contamination, a tenant might have ground to sue.

2. Standard Renter’s Insurance Typically Does Not Cover Flood Loss

When reviewing potential renter’s insurance policies, be sure to read through the coverages thoroughly. Most basic policies, while affordable, do not cover flood damage. If you are interested in flood coverage, you will need to purchase supplemental coverage. However, make sure to read the exceptions in the supplemental policy to ensure it covers what you need or are concerned about.

3. Personal Property is Almost Always a Tenant Responsibility

When renting an apartment, you are entering an arrangement with the landlord. The agreement has risks for both parties. The landlord understands things might happen to the structure during your stay, and you understand things might happen to your belongings. Each party is responsible for their property usually.

The best defense against property loss is an adequate renter’s insurance policy. Make sure your policy covers anything you are worried about, and buy a supplemental policy for anything extra.