People who rent their homes do not need to buy homeowner’s insurance. That should be taken care of by the person who owns the property. Renters do not need to insure the building or the land, but they do need renters insurance for their personal belongings. Any insurance held by the property owner does not cover personal property belonging to the tenants.
Basically, this insurance offers coverage to people who rent rather than own their home. That means if a tenant’s possessions are damaged from fire, vandalism or theft, then insurance will help repair or replace it. This insurance also offers liability coverage in case someone visiting is hurt on the property.
Rent insurance is generally affordable and available for less than $300 per year. You will need to pay a premium and a deductible should something happen, but it is worth it to get help from the insurance company. The amount the insurance company pays depends on the policy.
The insurance company should cover your personal property if they are damaged or stolen. They might even cover living expense so you can live elsewhere while your rented home is being repaired. Liability helps with legal fees and expenses should you be sued by someone injured while in your home. Guest medical coverage pays medical bills for guests who were injured in your home. There are several options available, and you should speak with an agent for more information.