|
 Renters' Insurance – "Get It or Regret It"
Renters insurance, an inexpensive product available to residents of apartment housing since the 1950's, increasingly is being used by owners and managers of multifamily housing as a way of limiting liability risks inherent to the industry. Residents too often believe the owner's property and casualty insurance covers their own personal property in the event of a loss. Typically, this is not the case.
While coverage and language often differ among insurance policies, most renters insurance programs follow the same basic format. There are packages of personal property coverage, additional living expenses and personal liability insurance. The personal property coverage protects the insured from financial loss of the things that they own. Additional living expense coverage helps the insured cover added costs incurred in the event something happens to their home or apartment. For example, the policy reimburses the resident for costs associated with temporary housing until their residence is livable. Additionally, liability insurance covers damage to the other residents caused by the policy holder.
The Property Management Association of West Michigan strongly encourages the use of renters insurance for all residents and that communities should educate their residents on the many benefits that renter's insurance provides.
|