A landlord is, in most cases, not responsible for damage or theft of a tenant’s personal property. Renters insurance is an insurance policy, carried by you, the tenant, that covers your property, loss of use, liability, medical payments, and even third-party damage. It is important for you to insure yourself against accidents and unforeseen circumstances relating to your rental home.
Most renters insurance policies protect your personal property from the following types of damage:
- Fire, lightning
- Windstorms, hail
- Damage by aircraft or vehicle (not your own)
- Smoke damage
- Weight of snow, ice, sleet
- Damage from steam-heating/water-heating appliances/systems
- Leakage or overflow of water or steam
- Freezing of plumbing, heating, air conditioning
- Short-circuit damage caused by electrical appliances
If your rental property were damaged by a natural disaster, such as a flood, storm, or fire, you will probably need to move out while repairs are being made. Renters insurance would pay for a hotel. In the case of accident, such as leaving the stove on and causing a fire, the insurance company would pay for the damages, assuming the damage is caused by a covered incident.
Liability insurance also covers injuries sustained in the property that may be your fault, such as someone falling because of clutter on the floor or a resident dog biting someone. Liability coverage will also cover the medical costs associated with the injury of a guest – although it won’t cover medical costs of the tenant or any household members.
If you accidentally cause damages to another property or dwelling, such as:
- Overflowing a sink/bathtub/waterbed and causing water damage to the unit below,
- Driving a car or lawnmower into a fence,
- Outdoor grill accidents/propane tank explosions, or
- Stray baseball through a window,
The easiest way to obtain renters insurance is the following:
- Check with your auto insurance company – they can likely bundle it for you
- Use any other major insurance carrier
- Use a recommended and trusted insurance agent whom you already have business with
To view our available rental properties, check out our Cincinnati Rentals page.