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Renters Insurance is unlike Auto Insurance and Home Insurance. If you do not have Auto Insurance, you can loose your license or go to jail. If you do not have Home Insurance, the mortgage company will implement a forced policy. The lack of renters insurance traditionally has not imposed penalty but that does not negate the need for Renters Insurance.
The agency owner of this website had his personal rental home burned by his tenant. It was an accident and the tenant’s family was not injured physically. When the fire department ruled that the cause of the fire was due to the tenant leaving a candle un-attended, the tenant instantly became a target for a lawsuit.
The home policy/Landord policy insured the home and paid to rebuild the structure, but the insurance company then sued the tenant due to the tenant causing the fire. The damages exceeded $40,000.00 and the tenant did not have renters insurance nor did the tenant have $40,000.00 to re-imburse the insurance company for the loss.
The tenant’s insurance can be tailored with “Liability” insurance for issues of negligence. Liability coverage could have positioned the tenant with the funds to reimburse the insurance company and NOT have to file bankruptcy to rid themselves of the debt.
Renters Insurance is MUCH more than protection for the tenants belongings. Renters Insurance is a way to be responsibile to others when mistakes occur.
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