reading signing rental tenant agreement forms

What you didn’t know about being a Landlord and Renters Insurance

This post is sponsored by MetLife Auto & Home. All opinions and content expressed here are all my own.

leaning up against console table in stripe jumpsuit holding keys about rental insurance

Not many know that Benjamin and I are not only homeowners, but landlords. My first home was turned into a rental property once we bought the home we currently live in. My first taste of homeownership was a two-story townhome I bought with the help of my parents at age 22.

When I bought the house we live in now, I was considering selling the townhouse. But, in the end, the mortgage was fairly low and a monthly rental would cover the mortgage. Any extra amount could be put toward the mortgage principal, allowing me to pay it off sooner. With the goal to have income when we are retired, I decided to follow in the footsteps of my parents who are also landlords in California and keep the property.

lifestyle shot rearranging flowers on console table in stripe jumpsuit

I grew up watching my parents as landlords – benefitting from an investment for their future retirement while my dad worked full-time as an independent consultant and my mom raised my brother and me. I knew what the job entailed – be available, fix things, stop by the home when necessary, check in with the renter, replace things that break, keep up the property – and I very much observed the value of a good rental tenant!

changing nest thermostat

Appliances have lifespans and require maintenance and a replacement, and though they can be pricey for us, we have an account to accommodate these unexpected events. One winter, the rental home’s ceiling needed to be replaced because of water damage that soaked through the insulation during a monsoon storm. A large plastic drink container somehow blocked our gutter, so the water from the storm pooled on the flat roof and eventually soaked through; really, what are the odds? When the water came through the ceiling, we had to completely drywall the entire ceiling and repaint it! Luckily, our renter’s belongings were not damaged, but, if it were the case, his renters insurance should have covered damaged furniture and electronics.

reading signing rental tenant agreement forms

In our rental agreement, we inform tenants of their independent need for renters insurance, and, that as a landlord, I’m not responsible for losses to their property. Benjamin had renters insurance when he lived in an apartment and said it wasn’t expensive, and, honestly, I never knew much about it, so I thought I’d share, especially from a landlord’s perspective.

Even if you may not own a house or condo, you do own property kept therein, like clothing, furniture, and electronics and that should be insured in case of an accident. Ask an agent, and they’ll tell you that your landlord’s insurance won’t cover the loss of your property.

If you are renting, here is a general idea of what renters insurance will cover, information courtesy of MetLife Auto & Home. Remember insurance is for your belongings, not the landlord’s property:

keys in dish


MetLife Auto & Home®

Why you need renters insurance

Theft

If someone broke into your apartment, your insurer would replace your belongings, if they were stolen. Renters insurance policies will cover the current market value of the property – how much it’s worth in its condition today. You can upgrade with additional replacement cost too, so you can get brand new items to replace stolen items without depreciation.

Fire

Whether it was accidentally started by you or a neighbor and it caught your building, it could happen, electrical fires too. Renters insurance will protect your personal property – think clothing and furniture and such. If you needed to relocate temporarily, your insurance may cover the temporary lodging as well, depending on your policy.

Visitor Injury

We live in America, the land of lawsuits. If someone staying in your home had a severe accident, your guest might be inclined to look to you to cover his or her medical expenses or to file a lawsuit against you. There is personal liability protection that would cover this, if that were to happen.

© 2017 MetLife Auto & Home


Read more here from MetLife Auto & Home.

stripe jumpsuit walking in door of home with flowers in tote

Protect your property, yourself, and the things you love, so you can relax!

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Thank you MetLife Auto & Home for sponsoring this post.

Diana Elizabeth is an author, photographer, and obsessive antique shopper. You can typically find her in the garden wrist deep in dirt, at a local estate sale or planning her next epic party. She continues to blog weekly.

6 Comments

  • Shannon Gurnee

    Rental insurance is so important to have! We have it and when our refrigerator died, we lost all our food. My dad (the landlord) said we should call our insurance company and they might replace they food and they did!

  • Brianne

    Renters insurance is so important to have. I remember getting it after there was a hurricane in our neighborhood!

  • Jennifer

    This is such great information to have! Working for a temporary housing company we definitely see how important to have homeowners/ renters/ landlord information when something unfortunate strikes!

  • Meagan

    This is so important. You never know what life will bring.

  • Sara Welch

    Renters insurance is definitely a handy thing to have. I was there at one point in my life and never am without it since then.

  • Pam

    Rental insurance is so important. We rented for a while and while we never needed our renters insurance, it was nice to know we had it.

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