A tenant can face significant losses if their rented apartment is damaged by fire or ransacked by a thief. The insurance policy maintained by most landlords covers the structure of the dwelling and not the property of the tenant. Therefore, tenants should invest in proper tenant insurance to obtain financial assistance to repair or replace their belongings.
The tenant’s insurance can cover the risks of fire, burglary, vandalism, etc. For example, if a tenant’s belongings are destroyed in a kitchen fire, a tenants insurance policy would help pay for the costs incurred to replace those items. If the apartment is uninhabitable during repairs, this policy can even provide coverage for housing and related expenses. In the event that a guest falls and is injured in the rented apartment, the liability coverage included in the renter’s policy may help pay for medical bills or other expenses related to the accident. Various types of renters insurance policies have distinct coverage options and limits.
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