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Renters insurance is an insurance policy that can cover theft, water backup damage, certain natural disasters, bodily injuries, and more in a rented property. If you rent an apartment, home, or even a dorm, renters insurance is recommended for protecting your space and belongings in the event of a covered accident.
This renters coverage protects you against losses caused by water that backed up through sewers or drains. (This is not the same as flood insurance.)
This provides additional coverage for high-value items, such as jewelry, watches and furs, as provided by your policy.
Personal liability renters insurance policies may cover bodily injury and property damage to others caused by your actions or negligence.
A personal umbrella policy offers an extra layer of protection for your assets. This includes bodily injury, property damage, and personal injury to others for which you are held liable.
Medical payments may help cover others’ medical expenses resulting from an accident on your property. For home and apartment renters, insurance under this coverage plan does not apply to you or regular residents of your household.
Ordinance or law renters insurance
This insurance helps cover increased expenses if you need to rebuild due to current building codes or ordinances.
Credit card coverage for renters
Credit card coverage pays up to your selected limit for unauthorized transactions on your credit cards and bank debit/ATM card. This renters insurance coverage also applies to forged checks and counterfeit money.
Firearm coverage may help pay for the physical loss of firearms and accessories.
Personal injury liability
This renters insurance coverage may help pay for damages awarded to others due to injuries such as false arrest, libel, slander, and invasion of privacy for which you are responsible.
This option provides extended protection for your personal belongings stored away from your home in or on any motor vehicle, trailer, or watercraft.
Earthquake and volcanic eruption
This insurance pays for covered losses to your property caused by an earthquake or volcanic eruption up to the limits you select.
This option pays for covered damages to additions, alterations, fixtures, improvements, or installations that you make to your residence.
Loss of use
This coverage helps pay for additional living expenses resulting from being unable to live in your home.
Hurricane insurance provides coverage for property damage resulting from a hurricane. However, this coverage may be subject to special terms, conditions, and deductibles in coastal states.
Landlord insurance provides financial protection if your rental property is damaged, becomes unlivable after a catastrophic event, or if someone is hurt on the property. Standard homeowners insurance provides only limited coverage for rental properties, which is why a separate landlord policy is necessary.
What does landlord insurance cover?
Insurance policies vary, but most landlord insurance policies offer coverage for the following:
Property damage insurance
A landlord policy typically covers any physical damage to the home that’s caused by fire, bad weather or criminal activity such as a break-in. It also covers any additional buildings, including a shed or detached garage. Equipment, like lawn mowers and snow blowers, kept on the property to maintain it, is also covered.
If someone is hurt while living in the rental property or visiting it, landlord insurance can help cover that person’s medical costs, legal fees and settlements.
Loss of income insurance
If your rental property is damaged by a covered loss, such as a fire or tornado, and the damage keeps you from renting it out, most policies will reimburse you for the income lost during that time.
What landlord insurance doesn’t cover
Landlord insurance doesn’t cover a tenant’s belongings. For example, if the tenant’s car, furniture, and valuables are lost in a fire, landlord insurance doesn’t cover that. You should encourage your tenants to get renters insurance to cover their belongings.
Landlord insurance doesn’t cover repairs, either. If the dishwasher breaks or the furnace goes out, you’re responsible.
Buying landlord insurance is a safe way to protect your investment. Owning a rental property isn’t always easy, but purchasing Nationwide’s rental property coverage is one of the easiest decisions you can make as a landlord.