The landlord’s insurance needs for their rental property may be covered by their own property insurance but that typically does NOT cover the tenant’s contents and possessions. Successful property managers require (or at least strongly recommend) that their tenants purchase Renter’s Insurance. The typical Renter’s Insurance policy coverage includes:
1) Personal Property (e.g. $25,000)
2) Personal Liability (e.g. $100,000)
3) Guest Medical (e.g. $1,000)
4) Contents replacement
5) Loss of use (e.g. 1 year)
Typical monthly cost for this type of Renter’s Insurance might be around $10/month. A small price to pay for this type of insurance coverage.