There is a widespread misconception that the landlord has some responsibility for a tenant’s personal property. This is simply not true. This is one of the main reasons you should consider buying renters insurance.
Personal liability exposure arises from conditions in the tenant’s portion of the premises and actions of the members of the household including students who live away from home as long as they are in school and are under the age of 24 years. The age of any children, the social and civic organizations, and sports that the family participates in can all impact the loss potential. Additionally, the type and breed of any pet(s) should be considered.
Property exposure for the tenant is generally limited to personal property in the rented dwelling unit. The major causes of loss are fire and theft. Fire hazards include electrical wiring, heating, cooling, and cooking equipment. The type of building construction, the location of the building, and the adequacy of locks are important when evaluating exposures.
If there are other tenants in the building, the exposure increases as the other tenant may break into the insured’s unit or start a fire that breaches the insured’s living space. Security of the building is important, as is the security to the insured’s particular unit.
Inland marine exposure includes any antiques, collectibles, electronics, fine arts, firearms, furs, jewelry, silverware, and other types of property subject to sublimits and exclusions within the homeowners policy. As these items are often attractive theft targets, security features such as locks and alarms should be in place and a current appraisal available to substantiate any loss. An inventory and picture record is important to document each item’s existence and to aid in its recovery.
While injuries due to conditions outside the insured unit are normally the responsibility of the landlord, injuries due to conditions within the insured’s unit may become the landlord’s responsibility if, before a loss, the insured wrote the landlord about a hazardous situation and it had not been addressed. The contractual relationship between the property owner and the tenant is very important because it can significantly affect the tenant’s responsibility.
Auto exposures are from household members driving owned, rented, or borrowed vehicles or from loaning their vehicles to others outside the household. All drivers must be identified, licensed, and have acceptable MVRs. The type of vehicle, ownership, the principle driver, garaging location, miles driven, and type of driving must be considered when evaluating the exposure. Age and experience of each driver must be evaluated. Driving courses can assist drivers of any age.
The exposure of household residents temporarily living away from the household exposures such as students away at college is important to explore because of potential vehicle ownership, state compliance, garaging, and usage changes.
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