Tip of the Month - May 2007
Cover your Assets-Renter’s Insurance
Source: Mark P. Charron-Journey of Property Management
Most residential lease agreements are specific about the Landlord
not being responsible for the loss of perishable goods or any other
event in a power outage. It becomes more complicated if it can be
determined that it was the Landlord’s negligence that caused the
outage. Residential Landlords should encourage Tenants to
purchase Renters Insurance. While it would typically exclude
claims resulting from loss of power, Renters Insurance does provide
coverage for many other risks.
(Deloitte & Touche, Inc.)
A Renter cannot look to the Landlord’s property policy for
protection. Typically, the Landlord is only insuring the
building, not its contents.
The Renter’s personal property therefore, is their
responsibility. In addition to personal property, Renter’s
Insurance also provides liability coverage in the event a Guest of the
Renter requires medical treatment.
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page was updated on 05/01/2007.