Certain occurrences get more insurance claim filing than others. In this post, you’ll learn about the most common renters claims.
Overview
Many tenants mistakenly believe that their landlord’s or management company’s current insurance coverage covers their liability and property damage concerns. However, as most insurance brokers are well aware, this is simply not the case.
The insurance coverage for the building owner only covers losses to the structure. It does not cover the personal belongings of the residents. As inhabitants, they require habitational insurance coverage. Many renters are unaware of the importance of insurance until they face a severe financial setback.
Most Common Renters Claims
Fire Claims
When a fire breaks out in a leased home, the resident is not responsible for any damage to the property. Therefore, the landlord’s insurance covers the walls, floors, and even the cabinets. On the other hand, the renter is usually responsible for finding temporary accommodation and replacing any damaged personal belongings.
Theft Claims
Nobody enjoys returning home to find a theft, yet it happens to homeowners and renters daily. A homeowner’s insurance policy covers the loss of personal property. A landlord’s insurance coverage for renters does not cover personal property loss.
Bodily Injury Claims
Accidents sometimes happen, and visitors to a rental residence sometimes sustain injuries. The most common physical injury claims in rental properties are dog bites and slip and fall occurrences.
Guests may seek aid from the renter in recouping a portion of their medical expenses due to their injuries. However, renters insurance provides liability protection coverage for non-intentional third-party bodily injuries in a rented property.
Vandalism Claims
Vandalism can happen as a result of theft or as a separate act. Depending on where the vandalism occurs, the renter may be accountable for a portion of the damage.
The cost of replacing and restoring the vandalised property may be covered by renters insurance.
