Wednesday, April 25, 2018

If you don't own the place you live, here's some must-know help...

Most of us have heard of renter's insurance, right? If you're renting at one of the major apartment complexes in Franklin TN and the surrounding area, your landlord/property manager probably required you to get a renter's policy with at least some basic amount of Liability coverage.

But what if your landlord doesn't require it, or ...'re just living at a friend's house for a couple years while they are working at a job elsewhere? live in a home owned by a family member who lives somewhere else. just pay to stay in one room while the owner of the property also lives on site?

...maybe you don't even pay rent, so how could you be considered a "renter"?

Let's look at it another way. If you don't own the place you live, don't assume that, just because you live there, whatever insurance the owner of the building has in place covers you and your things. A policy written for the owner of a property, would generally be focused on helping the owner recover from a covered loss. The owner. NOT the tenant/occupant.  

Without a renter's insurance policy, a tenant could well find themselves on their own to replace everything they've lost - AND might additionally be faced with the extra expense of having to find another place to live...all of which could easily tally up to far more than a minimal renter's insurance policy might cost for a year.

AND...what if you were to be found liable for harm to someone, or damage to their property. What if you were the one who caused the fire that burned down the place you were staying? Sure, the home or apartment would be rebuilt, paid for by the landlord's insurance...but it might not end there. If you were negligent, the insurance company could sue you to recover what they spent on rebuilding.

Whether the place you don't own, but do reside, is a house, apartment, or single room, whether you pay to stay there or not, can we just agree you most likely own something, need a place to live, and could possibly do some harm to someone or their property for which you could be held liable? All good reasons to make sure you have appropriate renter's insurance protection of your own.

Good news: renter's policies are generally among the most economical of insurance policies, and many of them are flexible enough to accommodate as much or as little personal property as you wish.

We encourage our clients who are owners/landlords to make this a priority, too. After all, wouldn't you feel bad if your tenant were to find him- or herself homeless and property-less after a major claim...especially if that tenant is a friend or relative? Being clear on the front end about where the owner's coverage ends and the tenant's responsibility begins could save both parties headaches and expense down the line.

David Yates Insurance Agency
1881 General George Patton Dr., Suite 103
Franklin, TN 37067
Phone 615-778-1816  Fax 615-778-1817

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