Who Needs Renters Insurance

Moving into a new apartment can be a very exciting experience. When doing so, Rockville, MD tenants need to take into consideration their insurance needs. There are several situations in which you will need to have renter’s insurance coverage.

Lease Agreement Requirement

The first situation in which you will need to have renter’s insurance is if it is required under your lease agreement. In the majority of formal leases, there will be a provision that will require a tenant to carry a renters insurance policy that provides them with personal property and liability coverage. Not having this could put you in violation of your lease and could even result in eviction.

You Have Valuable Personal Property

Another situation in which you should have a renter’s insurance policy is if you have valuable personal items. Even if you are least does not require you to have the insurance policy in place, having it will help to ensure that you will receive reimbursement in the event your personal items are stolen or damaged. More valuable items may require you to have an additional policy providing specific coverage feels items.

You Expect Visitors

If you expect that you will have visitors to your property on a regular basis, you should also have a renter’s insurance policy for the liability coverage. If someone is injured while they are on your property, you could be found liable. The renter’s insurance liability policy will provide you with coverage in the event you are sued and deemed liable.

Tenants that are in the Rockville, MD area and are confused about their insurance requirements should consider reaching out to Wellspring Insurance Network Inc.  Wellspring Insurance Network Inc. will be able to explain your insurance needs and could help get you into a great policy that meets your needs.

The critical coverages every landlord should know about

Many homeowners make the assumption, that when they rent out their home to a tenant that their homeowner’s policy will provide coverage in the event of a claim. However as a landlord in the Rockville, MD area, it is vital to carry landlord insurance to have adequate coverage.

Personal property coverage for the landlord is crucial if you are leaving items such as a lawn mower or snow blower for the tenants use. Landlord insurance policies will provide coverage for items that are used to service the property. If you are renting your home furnished you should reach out to your agent at Wellspring Insurance Network Inc to make sure your belongings left behind are covered.

Liability coverage is critical when you become a landlord. It is much more likely that you will be sued if the tenant or a guest of the tenant is injured. It is critical that you are carrying adequate liability limits. As a landlord, you should seriously consider purchasing an umbrella policy to provide additional limits in the case of a year with multiple losses.

In addition to liability coverage, you should consider purchasing medical coverage to cover medical bills in the vent a third party is injured on your property.

If the property becomes uninhabitable, you will want to make sure you are covered so your landlord policy should have Fair Rental Value. Fair Rental coverage will reimburse you for the amount of rental income you would have received if the tenants were in place.

Finally, It is imperative that you require in your lease that the tenant carry renter insurance to cover their own belongings and liability.

Being a landlord can be a rewarding experience. However, it can quickly cost you financially if you are not adequately protected. If you are unsure about your landlord insurance coverage, please reach out to a trusted expert at Wellspring Insurance Network Inc. today. We proudly serve the Rockville, MD area.