When you’re renting a space, it’s easy to mistakenly place the onus on your landlord or property manager to fix and address every incident or accident that occurs on their property. Of course, they’re the ones who fix structural issues and problems with the unit itself. But what about when mayhem strikes and your own personal items are involved? It’s usually the renter’s responsibility—not a landlord’s—to replace or repair their own possessions when they’re affected by an accident. So how do ensure your possessions are protected when you’re living in or using a space that’s rented rather than owned? Two words: Renter’s Insurance.
Some property managers might require that lessees purchase renter’s insurance for their own peace of mind. Even if you’re not required to, covering your possessions can save a lot of money in the long run if an accident does occur on your rental property.
Depending on the type of renter’s insurance you purchase, it may cover a whole slew of incidents and accidents. It is usually a good idea, depending on the location in which you’re renting, to choose coverage for those incidents that are more likely to occur than others. Have an apartment near the river bed? Better have coverage for floods and water damage. Renting warehouse space in hurricane prone South Florida? It’s probably a good idea to be covered for weather damage.
The added cost of insurance can seem like an unnecessary expense. But it is especially helpful if you are renting warehouse, flex, or office space for a business or for storage purposes. In those cases, you are likely storing a large number of products or expensive equipment that would spell financial disaster if damaged.