Do Renters Need Insurance?

Renting is often a convenient option for many people seeking a place to live. When you sign a new lease or contractual agreement with your landlord, there are details on who is responsible for certain duties — you or your landlord. Though this will often outline terms surrounding your stay and maintenance expectations, it does not provide you coverage. Renters insurance provides policies that give you some of the benefits of home insurance. Though renters insurance is not mandatory, some landlords will actually require it. Let’s take a look at what renters insurance covers.

Renters Insurance Generally Covers:

  • Theft and vandalism
  • Damage from a fire
  • Damage caused by falling objects and debris
  • Water damage from leakage
  • Damage from appliances and short-circuiting
  • Vehicular damage 
  • The replacement of repair costs of your personal belongings, such as your clothes or electronics, that are damaged in an event
  • Personal liability if someone is injured on your property
  • Additional costs if your property is damaged and you need to pay for additional living expenses, for example, a hotel stay.

What is Landlord Insurance?

Much like renters insurance, landlords are often covered by their own insurance policies to ensure they are protected. Landlord insurance contains policies that are responsible for covering the lessor. It will often cover any physical property damage from weather, fires, and otherwise. It will also cover any medical expenses incurred from anyone that is injured on the property.

If you’re deciding to rent or even buy a property, it’s always important to make sure you have the right coverage to lessen your risks. If you have any questions about homeowners insurance and how it differs from renting, DRO Insurance is here to help. We will help you find the right policies for your next move. Explore our website to learn more about what we can help cover, or give us a call at 631-324-0420 to speak to a DRO representative.