Being a tenant is different from being a homeowner or landlord. While it’s likely that your landlord has already signed up for a wide-range of coverage for the property and liability considerations, you still must consider how damage or financial loss could affect you and your personal belonging.
Your landlord is probably covered if the apartment or house burns down, is damaged, or floods. Although the structure is probably covered by his or her property insurance, that coverage will not extend to your clothes, furniture, or other personal items. Consider the general point of financial loss coverage:
- Personal property insurance protects you from damage or loss of your belongings like furniture, electronics, or other valuables from theft, fire, smoke, hail, windstorm, lightning, etc.
- Personal liability protects you if someone is injured at your rented apartment or house. It could also cover you in case of unintended accident, injury, or damage.
- Temporary living expenses coverage can help you cover the costs of a hotel or other food if damage to the rental prevents you from being able to stay in your rental place.