Landlord Insurance costs on average of $1,481.00 per year.
Your landlord insurance covers the building and any damage done to the building in the event of natural disaster or fire etc.
Your landlord insurance policy will cover loss or damages to your building, but it also protects your financial interests in the property.
A standard landlord insurance policy includes:
Dwelling coverage (building coverage).
Pays to repair your rental if fire, lightning, wind, or other covered losses damage the property.
Covered losses are also called covered perils, and the policy will say precisely what's taken care of and what's excluded.
Other structures.
Covers the cost to fix detached structures at the residence such as a fence or detached garage if a covered loss causes damage.
Loss of rent (rental reimbursement).
Compensates the landlord for loss of rental income for a set period if a covered peril forces the renters to move temporarily.
Rental Personal Property.
Protects property left to service the rental, such as appliances or a lawnmower.
It provides no coverage for the renter's property, and your homeowner's policy covers your non-rental related personal property.
Renters Insurance covers the cost of losses or damages to property or theft of a tenants belongings.
Landlords do pay for buildings insurance that covers any damage or loss to the building they own.
However as a tenant the tenant needs to have tenant insurance which covers damage to things the tenant owns should something happen to the building.
But the landlord is responsible for obtaining and keeping building insurance on the home or apartment building they are renting to the tenant.
Not every landlord will require a tenant to have renters insurance but even so it's a good idea to get renters insurance because renters insurance is very affordable and easy to get.
Without renters insurance the damage or loss of your stuff in the home or apartment will not be covered.
Also some landlords or apartments require the tenant to obtain renters insurance so that they will be covered in the event of loss or damage to the tenants stuff.
If renting an apartment, condo, home etc I would always recommend getting some renters insurance as it's worth it and very cheap to purchase.
Renters insurance is an insurance policy that can cover theft, water backup damage, certain natural disasters, bodily injuries and more in a rented property.
If you rent an apartment, home or even a dorm, renters insurance is recommended for protecting your space and belongings in the event of a covered accident.
Renters insurance can help you repair or replace property after loss due to many types of damage or theft.
It can also provide coverage for an accident at your residence.
Policies usually have very affordable annual premiums.
Note that your landlord's property insurance doesn't cover your belongings.
You'll only need renters insurance if your landlord or your building requires it.
While not required otherwise, anyone renting any type of residence long-term be it an apartment or single-family home should strongly consider purchasing a renters insurance policy.