Renting a property has its advantages; especially when it comes to upkeep and repairs. Generally, the landlord of the property handles these expenses, shouldering the financial burden of owning a property. But when it comes to property damage, many people misinterpret landlord responsibilities.
In the event of an incident, you are responsible for replacing your broken or missing items. And for many tenants, the cost is higher than they may think. For those without insurance coverage, it can be a crushing financial blow.
If your unit sustains damage and you are at fault, you can be liable. And it happens; a pan catches fire on the stove or the washing machine floods.
Whatever the situation, the landlord can choose to file a lawsuit against you to pay for the damages. And if you don’t have insurance, paying that out of pocket can hurt.
Many renters don’t think about potential lawsuits; the chances of them happening are just pretty low. Yet there are so many things that could go wrong on your property, leading to a third-party lawsuit.
Most of us have people over to our homes. But did you know that in the event of an incident, you could be liable for damages if a guest sustains an injury?
If you have tenant insurance, your policy covers the cost of any damages. Legal fees are also covered, and that includes paying a lawyer to represent you in court