What to do when the Big Bad Wolf Comes Knocking on Your Door

What to do when the Big Bad Wolf Comes Knocking on Your Door

or, Why Everyone Needs Homeowners Insurance Protection for Their Rental Property

64% of all renters don't think they need renters insurance because they're covered by their landlord's policy.

You told them to watch out. You know you did. So why are you standing in your kitchen with your eyes closed listening to the sound of your neighbor yelling from the front hallway of your rented townhome because they slipped on the wet floor? Once the ambulance is called and they're on their way to the hospital for x-rays it's time to deal with the reality of the situation. Since they fell in your home you're now responsible for their medical bills, and the door is wide open for them to sue if they feel like trying to retire on your dime. It's a good thing you purchased a renters homeowners insurance policy when you moved in.

When your landlord took out a homeowners insurance policy on your apartment building they did it to protect their investment-not yours. That means that damages to your personal property and yes, personal liability issues like the one mentioned above, are your responsibility. Your landlord's insurance policy isn't going to touch it with a ten foot pole. That's why most rental properties require you to purchase renters insurance when you move into their building. It keeps you from trying to hold them responsible if you lose everything when the building goes up in flames or water damage kills your favorite sound system.

And a good renters insurance policy serves as a front line defense against greedy neighbors.

Any company that sells homeowners insurance should be able to cut you a deal on your renters insurance. Most renters insurance policies are "named perils" policies, which means they'll tell you exactly what your insurance provider is willing to cover so you're never left wondering when the time comes to file a claim. A good renters insurance policy includes (but is not limited to):

· Damages to your personal property when your bathroom pipes break, soak through your ceiling and ruin your computer and television.

· Losses as a result of a newbie larcenist deciding to let themselves into your home and liberate your jewelry and electronics from the oppression of ownership.

· Replacement costs to start over again if there's a short in your building's 3,000 year old electric system that sends sparks flying and the walls tumbling to the ground.

· Damages caused by thunderstorms, tornadoes, drunk drivers and other natural (and unnatural) disasters that decide to invite themselves over for dinner, and

· Medical and legal costs as a result of injuries resulting from falls, burns, etc. to your friends, family and the Jehovah's witness down the street that take place on your property.

As you can see, homeowners insurance isn't just for homeowners anymore! Renters face the same risks when it comes to loss and liability as someone making the last payment on their 30 year mortgage, and they deserve to have the same level of protection. Talk to your insurance agent today about purchasing a renters insurance policy for your home so you're not caught sleeping when the Big Bad Wolf comes knocking on your door.

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