For Rent: The Importance of Insurance Policies When Renting or Leasing

Chances are as an adult, you have rented, or leased, something at least once in your life. From your first college apartment to a home appliance, if you’ve rented, you know you always have the option to “insure” the item in question. While many of the insurance policies offered by rental companies are gimmicky and low-quality, the reality is, some things that are rented or leased DO need to be insured. Primarily, living spaces.

If you rent an apartment or house, you know that while you might not own the property itself, you own PLENTY of items inside. Did you know though, that if there was a fire, or if things were stolen, your landlord would probably be free of responsibility and you’d be left with no recourse? That’s right. If you don’t have an insurance policy on your rental space, you could end up paying for replacements for everything that was lost out of your own pocket. For most people that’s nearly impossible, and would cause a huge amount of stress and grief.

Enter: a renter’s insurance policy.

Insurance for renters is a special policy that essentially acts like homeowner’s insurance for those who don’t actually own their living space. In the event of a fire or natural disaster, it can help cover items lost, and the same goes for vandalism or theft. While the details of each policy vary from provider to provider, the gist of them are the same. An important note to remember is that you’ll need to ask your insurance advisor about any special riders or additions to your policy that might be required for expensive jewelry, music equipment, computer equipment, etc. These items sometimes go above and beyond the amount of coverage offered with a rental policy and will need to be protected in other ways.

Carroll Marshall Insurance can help you find a rental policy that fits your needs, and then tailor your coverage to best meet your budget through bundling, additional riders, etc. Give us a call to make an appointment!