Below are six reasons renter's insurance is important for the renter and important for the property manager to communicate to the renter.
2. It's not up to the landlord. A property management company’s or landlord's insurance only protects the physical structure of your home or building, not your belongings.
3. Belongings are covered globally. An often-overlooked benefit of renter's insurance is that your possessions are covered anywhere in the world for losses resulting from perils listed in your policy (such as fire and theft). So, if your computer is stolen from your car, your iPad disappears from your hotel room, or there's a fire at your storage unit, you can make a claim up to your policy limits.
4. Someone visiting you could get injured. It's not just about possessions. Renters insurance has personal liability protection as well. For instance, if a visitor trips over a toy in your yard or falls down your stairs and sues you for medical costs, you'll be covered with a renter's policy. The coverage would pay to resolve claims and defend lawsuits brought against you.
5. Injuries you cause to others are covered. Even when you're off premises of the apartment complex, renter's insurance covers you and other members of your household (including pets) if you're found at-fault for injuring someone or damaging their property. So, if your dog gets loose and bites someone at the park across the street, the liability portion of your policy would pay medical expenses and defense costs if you're taken to court.
6. After damage occurs, you might have to move. If something catastrophic happens, the part of the policy called additional living expenses will cover you for a hotel or meals if you are temporarily displaced.
To sum up, if you are a renter and don't have renters insurance, don't wait a minute longer. If you are property owner, make sure that you understand that your insurance does not cover your tenants' possessions, and your tenants understand this as well.