|Why you need Renter's Insurance
| WHY WE REQUIRE RENTER’S INSURANCE
Although renting has many advantages, it also carries some of the risks faced by property
owners. Except under limited circumstances, the owner is not legally responsible for the loss
or damage to the Tenants’ property and his insurance will not cover these losses.
The following are some of the items renter’s insurance will cover:
You fall asleep while filling the bathtub. You flood out
your downstairs neighbor.
Your babysitter injures herself in your unit.
Your hair dryer has a defective cord. It starts a fire which causes damage to the building
and your personal possessions.
Your friend helps you move your couch so you can vacuum behind it. He hurts his back.
Your locked car is broken into at the movie theater and your camera is stolen.
You are having cable TV installed in your unit. The technician slips on the floor you just
waxed and he breaks his arm.
Your six year old hits a classmate with a rock on the playground. Stitches are required and
the parents have no medical insurance.
A burglar breaks into your home and steals your valuables.
Your five year old leaves his bicycle at the foot of the stairs. Your next door neighbor falls
over the bicycle and is severely injured.
Your dog bites the mailman.
Although most of the losses would not have been deliberately or even negligently caused by
you, legally you would have to bear the cost, just as you would if you were a homeowner.
Renter’s Insurance can be purchased from any insurance company to protect you and your
family. The cost is about $10 per month. This is a cheap price for peace of mind and for the
financial relief if you have a loss.
Although all of our property owners carry insurance on their properties their policies cover
their property and their liabilities. What happens if lightning strikes the building and starts a
fire in your bedroom? The owners insurance would cover the damage to the building inside
and out, but what about your belongings? The owners’ policy would not cover your personal
belongings or furniture. This is where renters insurance is needed. In no way are we trying
to shift responsibility—this has been determined by the Legislature and the courts. Our
purpose is to help inform you, so that you may better protect yourself and family.
Landmark M&M, Inc.
331 W. Northwest Highway
Palatine, Illinois 60067