Renters and Landlord Insurance: Different Responsibilities

Learning Center › Renters and Landlord Insurance: Different Responsibilities

A person renting a home and the person who owns it have different insurance needs. A landlord's policy generally concerns the building and the owner's exposures. A renter's policy generally concerns the renter's belongings and personal liability. Neither should assume the other's policy takes care of everything.

For renters

Ask how your personal property would be covered after an insured loss, whether belongings away from the residence are included, and whether the settlement uses replacement cost or actual cash value. Review your deductible and limits for valuables. Personal liability and additional living expenses may also be included, subject to policy terms. A landlord's building policy ordinarily does not insure a tenant's belongings.

For property owners

Tell the agent how the property is used: long-term rental, short-term rental, part-time occupancy, or another arrangement. The building, any owner-owned contents, liability, and possible loss of rental income need to be considered separately. A homeowners policy for an owner-occupied home may not fit a rental property.

Compare policy terms

Both parties should ask about exclusions, deductibles, claim reporting, and any requirements in the lease. Flood or other risks may require separate coverage. A lease requirement does not itself create insurance coverage.

The NAIC guide to homeowners and renters policies offers a useful overview. If you rent or own a rental property, we can help you identify which questions apply to your situation. Start a conversation.