One of the most common questions we hear from renters is “Do we have to get renter’s insurance?” So, we wanted to talk a bit about insurance in Arizona. Strictly speaking, the answer is “no.” In most cases, you are not required to purchase renter’s insurance. However, it is a very very good idea. The property insurance that the landlords carry does not cover any of your personal possessions. Renter’s insurance is what keeps you, your guests and your own property safe. Why You Want Insurance For Your Arizona Rentals Except in highly unusual circumstances, the following are NOT covered by the landlord’s insurance:
- Any loss to your property from theft, fire, or other unexpected events
- Any of your especially valuable property, like jewelry or electronics
- Bodily damage to yourself or others
- Relocation or cost-of-living expenses due to fire or accident
For any of these, you would need to take out a renter’s policy to keep yourself and your property safe. While our rental homes are consistently surveyed and repaired to keep them safe, accidents can always happen and there’s no preventing or predicting a proverbial “act of God.” You have a few options in renter’s insurance.
1 – Personal Property. This is the most common option, and provides roughly the same level of protection to your items as homeowner’s insurance. For your own protection, we highly recommend cataloging serial numbers and/or photographing items covered.
2 – Liability. This covers personal harm done to people outside of yourself or your family.
3 – Medical. No-fault coverage pays for hospital bills regardless, and can also cover your own family. If your rental includes a pool we strongly recommend liability or medical.
4 – Scheduled personal property floater. Especially high-value items may require separate coverage, based on independent appraisals of their value. When you rent a home in Arizona, your rental partner will be able to provide information on the coverage they offer, as well as which local agents they recommend.
Protect Yourself In Arizona Rentals
Fall is the best time of year to visit central Arizona, and if you’re one of the millions who come to see the Arizona autumn, you should be staying in style. Phoenix-area rental homes can let you live like royalty while enjoying all the comforts of home. Just think strongly about renter’s insurance while you’re here, to ensure your trip doesn’t turn tragic.
For more information, just contact WeRentHomesAZ with your questions!