Joined: 24 May 2012
|Posted: Sat Oct 08, 2016 3:39 am Post subject: What is Renters Insurance?
|Many people who rent apartment units or other housing mistakenly assume that the owner's insurance policy will cover the loss of personal property after a devastating event (fire, flood, break-ins, etc.). The reality is that renters are not automatically protected--the landlord will only be reimbursed for the structure itself, not the renters' belongings. This is why renters are strongly encouraged to purchase a protective policy called renters insurance.Many renters discover that the liability coverage provided by renters insurance is even more valuable. Landlords are generally responsible for accidents and dangerous conditions on public property, but this protection ends right at the renters' sidewalks or doorways. If a visitor slips and falls on a renter's floor then decides to sue for damages, the insurance should cover the medical expenses. This may just be an exchange of information between insurance companies, not an actual civil law proceeding.
Shawn Gandhi RE/MAX Real Estate Centre INC., Brokerage
Shawn Gandhi Real Estate
100 City Centre Dr. 1-702
Square One Shopping Centre