The Importance of Renter’s Insurance For Renters and Landlords

There is one thing that seems to be very agreeable for both renters and landlords, and that is the necessity of renter’s insurance. It is likely that disputes among renters and landlords will arise in terms of damage to the property and repairs, but having renter’s insurance in place can protect both the tenant and the landlord. Renter’s insurance will protect the tenant’s assets and ensure safety of the tenant, thus keeping the tenant happy throughout the term of the lease. This will keep the tenant paying their rent on time, keeping the landlord satisfied.

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While renter’s insurance seems like an obvious choice for many, only 35% of tenants seem to be purchasing renter’s insurance, which fails in comparison to the percentage of those who purchase homeowner’s insurance- nearly 96% of homeowners. In the event of theft, renter’s insurance is helpful for tenants by the insurer covering the cost of stolen items claimed by the tenant. The insurance is also helpful for the landlord, because if the tenant did not have insurance, it is less likely that the tenant would be able to afford to replace all of the stolen items and afford to pay rent. The tenant might even have to break the lease, leaving the landlord with a vacant property. If you haven’t looked into rental insurance, consult with your current car insurance company today- they likely bundle for renter’s insurance as well. If you’re interested in Seattle rentals, contact your local real estate agent today.

Do You Have Renters’ Insurance?

If you are renting a house, condo or apartment in the Seattle area, then you should have renters’ insurance.  Starting around $15 a month you can have the peace of mind that your belongings can be replaced if stolen or destroyed.  According to the Insurance Information Institute, “Your furniture, clothes, sports equipment and other personal items are covered if they are stolen or destroyed by fire, hurricane or other insured disaster.”  Seattle renters have computers, stereos, iPods, iPads, etc. that would be protected with renters’ insurance.  With crime being a problem in many Seattle neighborhoods from Magnolia to Madrona, insurance has never been as important.  If your attending University of Washington and living in an off-campus apartment, in a Seattle rental in a downtown condominium, or renting a luxury home on Mercer Island, then it is not a bad idea to spend that extra few dollars a month on renters insurance.