When do I Need Homeowner’s or Renter’s Insurance?

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Today’s article will be the first in a three part series about when you need your own insurance. We will begin by discussing homeowner’s or renter’s insurance. In today’s world, there are a number of safeguards in place to make sure you have the proper coverage in place. The most common safeguards we see are mortgage companies requiring copies of your declaration pages when taking out a mortgage, and requests from landlords proving their tenants have renter’s insurance.

If you’ve never run into the safeguards we mentioned above, ask yourself the following questions:

  • Have I moved out of my parent’s or guardian’s house?
  • Do I own or rent a living space?
  • Do I have personal property?
  • Can I afford to replace my living space or personal property if it all went up in flames?
  • Can I afford to pay for a hotel if my living space becomes uninhabitable due to a covered cause of loss?
  • Can I afford to retain a lawyer if I’m sued for negligence that causes property damage, bodily injury or personal injury?

If you answered yes to any of the first three, or no to any of the last three, you need your own insurance. It’s also important to note that you may still need your own renter’s insurance if you’re living with a significant other (not married) or roommate who owns a house and carries the homeowner’s insurance. Some companies will not list you as an insured under a policy without a long-term relationship or marriage, which means your significant other or roommate would be covered but the company could deny coverage for you.

As always, there are extenuating circumstances and these should always be discussed with your insurance agent. Your specific policy language will always dictate the final outcome. Give our licensed staff a call if you’d like to discuss options to help protect you, your family and your belongings!

Do you have a question that you’d like to ask? Email us at customerservice@mayflowerwollam.com and we might use it in a future entry!

This article was written by Joshua Palmer

Josh is a licensed insurance agent with the Mayflower Wollam Insurance Group. He is a graduate of Mineral Ridge High School, Class of 2008, and attended the United States Air Force Academy, Class of 2012, where he earned a Bachelor of Science in Meteorology. Josh brings a unique background into the agency and focuses on a mixture of personal, commercial, farm and life insurance. His office is located in our Cortland location.

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