In today’s episode Chuck explains why it is important to get renter’s insurance if you rent your home.
Hi everybody. I wanted to talk to you about a situation that arose in one of my cases. You may or may not know anything about it.
A lot of people rent apartments or rent homes. Wherever they live, they aren’t the actual owners of the dwelling. When you buy a home you have a mortgage, unless you pay cash. But you typically have a mortgage like everybody else and like I do. You also have homeowner’s insurance.
Homeowner’s Insurance covers you, in case something happens on your property, or maybe even something off your property.
Like if you have a dog. This is where I’m going with this. If you have a dog and your dog happens to bite somebody, you are responsible for the damages caused by your dog’s bite.
Now if you rent a place, you don’t necessarily have insurance coverage. Which means they can go after you personally, which actually happened in a case. There was another pocket to reach into because of where it happened. In reality the vast majority of the fault or the negligence causing the dog bite was not where the dog was which was a restaurant. But rather the owner bringing the dog into the restaurant, making the restaurant partially responsible for the dog.
In any event, my point is, if you are a dog owner or dog lover, any dog has the ability to bite somebody. Every dog has a bad day, like every human being does. If that dog happens to bite a child or an adult and causes some sort of damages or injuries, you are responsible. If you don’t have insurance coverage you may not be able to pay that bill when it comes due. Or that judgement against you, and then you’re going to be in trouble.
But taking that even further, always get renter’s insurance if you don’t own a home and have homeowner’s insurance. Because it will cover any of your losses. Especially nowadays with computer equipment. Everybody has a laptop or an iPad, or just a desktop computer. It might cover a gun or two, or all sorts of things. If you don’t have homeowner’s insurance, you don’t have any coverage. The odds are you’re going to get burglarized.
The burglary rates, I think, have gone up in the valley. As a result, if that were to happen without insurance, there is no coverage. So it would just be a straight loss for you.
So, check into renter’s insurance. It can literally come down to twenty five bucks a month. It’s really cheap and it’s great coverage, and if you are a dog owner, you need it. Just in case.