My Girlfriend And I Live With A Friend Who Owns The Townhouse – Do We Need Greensboro Renters Insurance?
We Live With Someone Who Owns Their Home – Do We Need Greensboro Renters Insurance?
Regardless of the living situation, it boils down to this: If you don’t own the property you live in, you probably need Greensboro Renters Insurance. You’re a tenant or boarder, and therefore you are not covered by the landlord’s/owner’s policy.
Let’s assume that the owner maintains insurance on the premises – you would hope so, but you never know. Would that insurance cover your liability to rebuild the townhome if you burned it down? Even if the owner’s policy covered you – which it probably doesn’t – you’ve got a serious problem with regard to liability coverage: Assuming for a moment that you had coverage under that policy (you don’t!), that would make you an insured under the policy. Liability coverage does not apply to losses involving only insureds under the policy.
In other words, if his policy covered you, you would not have liability coverage for burning down his townhome because you’re all be insured under the policy! There is one Ninth Circuit decision out there which suggests that it may be possible for an insurance company to opt to consider boarders to be insureds, but that certainly wouldn’t apply to Greensboro renters insurance. We’re not aware of any similar precedent anywhere else.
You also don’t know his policy, or what it contains, and as a boarder or tenant you have no right to ask the company for a copy of the policy. You also have no right to ask for the status of the policy because you’re not an insured and you don’t have an interest in the policy. If he has no coverage, then you have no coverage even if his company would opt to cover your stuff. That’s why you need a Greensboro Renters Insurance policy of your own.
Don’t forget that your policy will also cover your liability to other people. If you damage the unit and it results in a loss to another person such as a neighbor, you don’t want that loss to come out of your own pocket. If you damage the townhome in a small way, your policy could cover that with damage to property of others. If you have guests over and they’re injured, your policy responds. The list goes on and on.
In a nutshell, if you look like a tenant, smell like a tenant, and walk like a tenant, you are a tenant. That means you have no coverage under the landlord’s policy, and you need your own coverage. Fortunately, renters insurance in Greensboro often is priced at around $125.00 a year. Even if you have credit issues, Effective Coverage has options to help you get covered very affordably, because cheap renters insurance in North Carolina is the norm rather than the exception. Just call (800)892-4308 or click to get covered - whether you need Greensboro renters insurance quotes online or coverage anywhere else!
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Photo Credit: Yago Diaz Mini Townhouse 03 CC BY 2.0