Renters Insurance A commonmisconception is that the property owner’s insurance policy will protect the renters. But without personal insurance protection, a renter could be financially liable for damage caused to a rental property (such as a kitchen fire), even if it was unintentional. A renters policy is similar to a homeowners policy in that it covers the policyholder’s possessions against damage that occurs as a result of fire, smoke, lightning, vandalism, theft, windstorm—even a water problem—up to the policy limits. It also provides some liability protection if someone is injured on the property, and it may help pay for temporary living expenses if the rental property becomes uninhabitable as a result of a covered hazard. A landlord policy typically covers only the structure, contents that belong to the owner, lost income resulting from damage to the building, and legal fees and liability coverage in the event that the tenant or someone else is injured on the property. Landlord policies generally do not cover personal property that belongs to the tenants. Source: safehome.org, 2023 Share of homeowners with homeowners insurance Share of renters with renters insurance 94% 55%
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