Landlord versus Renter’s Insurance
One thing that can cause confusion for residents in Sioux Falls, SD who are planning to rent is insurance coverage, and whether the landlord’s policy covers their belongings, or if a separate renter’s policy is required. With one call to our team at Wilcoxon Insurance Inc., we have the answers to all your questions, plus recommendations for protecting your personal items.
Landlord Insurance
When a landlord buys insurance, it is protection for the owner’s investment. This means, the policy in place covers the rental building(s). This includes the current structure, plus the walls and roof. The policy also provides coverage for any built-in systems installed on the property.
Liability coverage is also part of the landlord’s insurance policy. Since the property provides access to others, if a person is injured when they are in what are considered common areas of the property or if a person is injured because of a flaw in the building’s structure, the owner is protected by having liability insurance.
The landlord’s insurance policy does not cover a renter’s personal belongings. This includes any furniture or electronics belonging to the renter. The policy also does not cover a renter’s clothes. If your personal items are damaged due to a faulty pipe bursting in your rental unit, or by fire, or if your items are stolen, the landlord policy does not include coverage for these situations.
Renters Insurance
If you rent in Sioux Falls, SD, renter’s insurance is not required by the state, but it is recommended to protect your personal belongings against unforeseen events. A renters policy can also include payment for temporary housing expenses, if needed, and personal liability.
Contact Us
Rent with peace of mind after speaking with us at Wilcoxon Insurance Inc. Give us a call or email us. We’re here to help.
