• Post last modified:October 5, 2020
  • Post category:Insurance

So we have all heard time and again about the important of ct homeowners insurance for those individuals who have made perhaps the largest investment in their lives in the form of purchasing a new home. However, millions of Americans, and certainly thousands of Connecticut residents, chose to go a different route when deciding their living situation, and that’s through renting a home, apartment, or condo.  And while there are certainly positives, as well as drawbacks, when comparing owning a home versus renting a home, this much is consistent and true: you still need CT insurance even if you’re renting a home!

Here’s a shocking statistic: while almost 96% of all homeowners have some type of insurance policy, less than forty (37% to be exact!) percent of renters have insurance for their dwelling spaces! Thirty-seven percent! That’s terrible folks!   But before we jump off the proverbial rented bridge, let’s take a step back to analyze the problem and try to see why this number is so low.

First and foremost, the term ‘renting’ can be deceiving to many people because, well, you don’t OWN the house/apartment… you RENT IT.  So thus many individuals simply assume that their landlord (s) have insurance that will cover any damages to the home if something were to occur.  And while the first part of this belief is indeed true (at least hopefully so), the second part could not be further from the truth.

Yes, your landlord has (hopefully) insurance for the house or apartment complex in which you live, HOWEVER that insurance only covers the outside structure of the dwelling space and anything inside that is deemed the landlord’s property come policy renewal time.  So for example, your landlord’s ct insurance policy probably includes the physical outside structure of the house/apartment, as well as anything inside the apartment such as big appliances that the landlord owns and has paid for- like the refrigerator, dishwasher, laundry units, etc.

So that should hopefully open your eyes as to why renters need insurance as well… because everything else in your apartment is YOUR RESPONSIBLITY to have covered by insurance.  That big screen TV, really nice set of kitchen cutlery, and rare jewelry that you have are in NO WAY SHAPE OR FORM covered under your landlord’s policy!