Many individuals believe that their personal belongings are covered by the landlord or apartment’s insurance policy. This however, is generally not how it works. Typically the landlord’s policy only covers the structure, but not the renter’s property. For instance….if the property was to be destroyed by a fire, the landlord’s policy will pay for the cost of replacing the structure. The landlord’s will not pay for the tenant’s property that was inside the apartment or home such as clothing, televisions, furniture, cooking utensils, electronics, etc.

Another common misconception is that the landlord is responsible for housing the tenant in the event the apartment or the home is inhospitable due to fire or water damage. For example, if the apartment is under repair due to fire damage, the tenant must find their own housing at their own expense while the unit is being repaired.

A third misconception is that the landlord’s policy will cover theft and vandalism to the tenant’s personal property. If you are renting an apartment or home and it is burglarized, the landlord’s policy is not responsible for replacing your personal belongings.

What Renter’s Insurance Does!

Having an adequate renter’s insurance policy will provide protection for your personal property and belongings. The coverage is based upon the value of your belongings and typically clients are surprised by the amount of coverage needed once they do quick cash analysis of the property. It is often very important to check with your insurance agent and see if there are any limitations on listed coverage. Typically policies will put limitations on coverage for jewelry, guns, computers, money, and furs. If you have items valued higher than the limitations is important to let your insurance agent know so that additional coverage can be added via an endorsement or an additional Personal Articles Policy. Base coverage begins at around $10,000 and can be increased to well over $200,000. Renter’s coverage also includes liability insurance (typically $100,000) to protect the insured in the event someone is injured inside the rental property. Renter’s insurance can also provide medical payments insurance to give the insured some protection against injuries to others while inside their rental unit as well. It is a good idea to ask your insurance agent what other options/endorsements are available.

The Cost of Knoxville Renter’s Insurance

Renter’s Insurance is very reasonably priced and well worth the cost! Depending on the area, a typical $10,000 property coverage policy with $100,000 in liability coverage cost less than $10.00 a month. One of the great features with renter’s insurance is that it typically provides a Multi-Line Discount on the insured’s auto insurance, which can often offset the additional cost of the renter’s insurance!

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Normally we receive many calls from renters who have bad credit and need help finding an apartment community that will accept them. Of course having good credit is extremely important as it shows landlords and management companies that you will be a worth client. Paying rent on time is one of the most important factors in regards to your approval. Most landlords will request for a detailed history which they will receive from a credit report.

However, if you have a low credit score don’t worry so much. Your not trying to get a low interest rate on a mortgage, you are just trying to get approved for a lease. Apartment landlords will take in various factors in regards to your application.

Remember its very important that the landlord feels good that you will pay rent on time and won’t be a tenant he has to chase down for the rent each month.

Ok, so you are aware that you have had a history of bad credit and your afraid that this may impact you negatively. What can you do? First things first, you are entitled to one free credit report from all the major credit bureaus each year. The first step would be to run your personal credit score and see what items appear on it.

If you have any outstanding debts in regards to a previous apartment home, it might be wise to either pay them off or get on some kind of payment plan.

If this is not possible then you will have to look for smaller private homes for rent or a four-plex that do not require a background check. Check online using websites like Craigslist. Many of these individuals are private owners and just want to lease their apartment or home quickly.

If the apartment community does want a credit report, see if you can provide the information they need on your own. That way if there are any potential issues, you can address them in a letter or at that point in time.

Many landlords are willing to accept a letter if there is a recommendation from an previous landlord.