Tip of the Month - May 2007

Cover your Assets-Renter’s Insurance

Source: Mark P. Charron-Journey of Property Management
             (Deloitte & Touche, Inc.)

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.

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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This web page was updated on 05/01/2007.