In today's market we are seeing many people chosing to rent rather than buy a home. People are concerned we may not be at the bottom of the housing market. If you are up to date on my post you may know that I still believe that Buying now is still a great time to buy, and that when we realize that the bottom was here we will already be on the way back up. However,  I still work with many Home Rentors, and while working with Home Rentors we talk about why they are not buying at this time, what and where they would like to rent, what they like about certain rentals, and even what legal issues they are obligated to while renting. Yet one big topic rarely pops into their minds. Do they need rental insurance! Of course wanting to protect my clients I bring this topic up during the rental process. It is amazing to see how many individuals either believe they will not need rentors insurance or that the landlord's insurance will cover them.

When a property becomes a rental property the Home Owner changes their insurance with their Agent down to fit their needs, not the Rentors needs. What often happens is that the Rentors believe that they do not need to cover their contents until it is too late! For instance I discussed with some clients that they really needed to have rentors insurance and why. After this past storm I was driving by their rental and stopped to say hello. WOW, were they disappointed with themselves for not getting the rentors insurance. They had stored some very prized possessions in the basement, only to have them ruined by the water that came in during the storm. They thought because the Landlord was responsible for the home and it's up keep that they would be covered. However , when the power went out and the sump pump quit due to lack of power it was beyond their landlords control. They are so upset with themselves and grieving about their loss. Then they called their insurance Agent to discuss getting rentors insurance, only to find out that it was not in fact as expensive as they thought. Thousands of dollars in stereo equipment, furniture, and other priceless pieces handed down from generation to generation gone for the cost of approx. 400.00 a year. Rentors insurance or Not Rentors Insurance, not really a question- Karen