Renters often have questions about coverage. A common one is: Who should pay for damage or loss to a renter's belongings should a fire or flood happen?
The simple answer is "It depends." In most cases, your landlord's property insurance will cover the structure of the building. It will also usually cover the property owner's possessions.
However, the landlord's property insurance policy usually does not cover your possessions. To protect your possessions, you'll need to purchase renters insurance.
The Sprinkler System
Let's say there is an instance in which the sprinkler system within the building goes off, perhaps because of a fire or spoke in the building. Sprinkler systems can spray as much as 100 gallons of water in a single minute, and they're nearly impossible to turn off if you don't have special knowledge on how to do so.
With all this in mind, it's easy to see how one sprinkler mishap can lead to a significant amount of loss to your possessions. So, if this were to occur, who would be responsible for the damages?
In this instance, the owner's policy would cover the damage to the building itself. It also would likely cover items such as the carpeting and drywall in common areas.
However, the landlord's insurance probably wouldn't pay for the damages your unit sustains. Your renters insurance policy would likely be responsible for covering these losses in most cases.
But there are exceptions to this. For example, if you caused the sprinkler system to go off, such as by pulling on it, you could be liable for the damages that occur. Additionally, the property owner could file a claim against your renters insurance policy or even charge you for the damages outright. This is the case because the liability in such an instance is on you, not the property owner.
How To Minimize Your Risks
To minimize your risks of loss, invest in renters insurance. It is a worthwhile investment for the level of financial protection it can offer to you.
If you rent, invest in renters insurance customized to meet your unique needs. This plan will usually protect your finances in instances of property loss. Renters insurance can also protect your liability concerns.
Most renters insurance policies are inexpensive. Yet, the amount and level of financial protection they offer can be outstanding. Don't overlook the benefit of obtaining a policy.
We can help you find coverage. Call McInnis Insurance Services, Inc. at (844) 926-0860 for a free quote or click below.