If you are renting a home in Palm Beach, you will need renters insurance to protect your personal property in case there is a fire or your home is burglarized and your belongings are stolen. More often than not, the insurance policy of the landlord or the building owner only covers the building itself, not the tenants. Having Palm Beach renters insurance helps protect your finances in case you are found responsible for damages caused to the rental property.
Renters Insurance Is Affordable
Basic renters insurance protection is available at low prices and typically covers the following:
- Personal property
- Loss of use
- Additional coverage to others, such as medical payments or property replacement
The amount of insurance coverage you need depends on the value of your items. Having coverage keeps you from being held legally responsible for injuries to others or damages to other people’s property that happen in your rented home. Liability coverage provides protection for damage caused by negligence, which is important if you forget to turn off a stove and cause a fire or leave a faucet on and water floods into another apartment. If you are found at fault, you will need your Palm Beach renters insurance to pay for repairs, medical bills if anyone is injured, and lawsuit defense costs.
The natural beauty of Tennessee makes it a popular destination for visitors looking to experience the great outdoors. It also presents a great business opportunity for people who own property they are looking to rent out, be it to short-term overnighters or long-term tenants. A good investment needs to be protected and that is why property owners should not rely on a regular homeowner’s policy and should obtain specialized rental insurance in Tennessee.
Why a Homeowner’s Policy is Not Enough
The terms of most standard homeowner’s insurance policies specifically state that the policy covers a home that is owner occupied. If someone is occupying the house other than you for any length of time, you are putting yourself at risk should any damage, or a situation in which you are liable, arise. Your insurance carrier may deny any claims you file, especially if it is unaware that you are renting the property out. It is always best to be forthcoming with your insurer to make sure you have the proper rental insurance in Tennessee to protect your investment.
How Rental Insurance Protects You Better
A rented property needs certain protections that other properties do not. If damage to the property or its contents occurs and your insurance company denies your claim, the costs for any replacements or rebuilds will have to come out of your own pocket. If you rely on the income generated by your property, and something happens that precludes you from collecting rent, you will have lost an important source of revenue.
Whether you own and rent out one property or multiple dwellings, having rental insurance in Tennessee protects you from damage to, and liability from, your investment.