Why Tenants Need Insurance Cover

A very small percentage of Kenyans own their own homes, bought or built, leaving the majority to renting their homes. Most tenants, however, don't think they need renters insurance. This might be due to ignorance of its importance, or they are under the misconception that their landlords are responsible for their belongings or probably just underestimate the value of their possessions.

Renter's insurance may help cover the unexpected and unfortunate events that are barely preventable such as break- ins, thefts,a visitor's injury etc. It may also cover fire that burns one's belongings.

Renter's Insurance Coverage Types

Personal Possessions

The cost to repair or replace your damaged or stolen belongings such as electronics, furniture, and clothes. However the insurance company will not cover personal property loss over one's coverage limit.

Liability

Might cover the cost of repairing the landlord's or  another person's property that you may have accidentally damaged. A visitor's medical bill can also be covered if the said visitor suffers injuries that you are found to be responsible for. The liability insurance protection only covers costs upto your coverage limit.

Additional Living Expenses

The additional costs you incur if the residence you rent is damaged and leaves you uninhabitable. These are strictly your extra expenses such as hotel bills ,the renters insurance shall not cover expenses of the damage to the structure of the building you are renting.

Why Landlords should require renter's insurance for their tenants

1.Reduces risks of a lawsuit.

A landlord's Insurance policy won't cover a tenant if someone is injured within the premises,due to the carelessness of the tenant. Getting a renter's insurance covers the tenants and avoids unnecessary yet unavoidable conflicts.

2.Protects them in the event of property damage.

If ,say a fire or any other accident happens (through no fault of the tenants) and damages their property,the tenants are likely to claim  to be compensated especially if they have no other way of replacing their property. A renter's insurance gives the landlords peace of mind that their tenants have a resource to recover their losses.

3.lowers the chance of an increase in insurance premiums.

A landlord's Insurance premiums can increase after a claim, or be cancelled instead of renewed if there are too many claims. Tenant having a renter's insurance is beneficial since it will cover their individual losses.