You've finally found the perfect rental for you and your family. Now it's time to pack up and move. Don't forget one vital piece in your transition, renter's insurance. This insurance benefits both parties in a rental transaction, covering your assets and your new landlord's. Take your time when choosing a policy and be sure to read all of the fine print before signing!
Renters insurance protects both the interests of the tenant (by protecting their belongings from covered perils) and the landlord (by keeping tenants safe, satisfied and paying rent for the full term of the lease). However, only about 35 percent of renters purchase insurance protection; that compares poorly with the percentage of homeowners who purchase coverage — around 96 percent, according to the Insurance Information Institute. A big reason for the disparity: Virtually all lenders require mortgage holders to buy and maintain homeowners insurance. But that doesn’t explain why more renters don’t protect their valuables. Likely reasons include mistaken assumptions about tenant/landlord responsibilities.
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