Will Breaking My Lease Affect My Renters Insurance in Louisiana?
The short answer is no. As with most insurance policies, if you no longer need your insurance (regardless of why), you may choose to cancel your insurance policy. If you move to a different rental location, you may choose to get a new renters insurance policy to cover your new digs.
Keep in mind, you may be on the hook for any unpaid rent or damages to the property. This is one reason it is important to understand the fine print before signing any agreement. If you are carrying renters insurance, you should know that most policies will not help you pay for any outstanding amounts that occur if you break your lease.
So here’s what you need to know about renters insurance (and breaking your lease) in Louisiana.
Does Standard Renters Insurance in LA Cover Lease Breaks?
No. But breaking a tenant-landlord contract in Louisiana can be a tricky situation. There’s often a hefty fee associated with the process, leaving many tenants wondering if there’s any other pathway.
Unfortunately, renters insurance won’t be able to provide assistance in most cases. There are virtually no policies out there that will cover renter-initiated terminations. However, it can provide significant protection in certain situations. For example, if an emergency or natural disaster impairs occupancy to such a degree that leasing must cease, it’s possible for certain aspects of the break fees to be covered depending upon your policy and provider.
Policies serve as additional safety measures should you need to determine coverage when breaking a lease out of absolute necessity. So it may be worth exploring your options if you’re worried about how breaking your current rental agreement might affect you financially.
Do Standard Rental Insurance Policies Cover Habitability?
Fortunately, most policies do provide coverage for what is considered to be standard habitability requirements. This includes being able to provide waterproofing and keep out wind, rain, and critters; making sure that appliances, plumbing, and electrical systems are working; having adequate lighting, ventilation, and heating functions; as well as ensuring that your place is safe from hazards like fire and gas leaks.
In other words, renters insurance can help put your mind at ease while you rest in the comfort of your rental home.
Most policies will kick in if your apartment becomes uninhabitable. This is important to know because the more security measures you have in regards to your dwelling, the better. This is especially true for Louisiana – a part of the country historically prone to natural disasters.
What Does Renters Insurance Typically Cover for Louisianans?
Insuring your rental is the best way to keep your peace of mind. And in a place like Louisiana, it’s essential. Nevertheless, there’s a lot of confusion around what it actually covers. So let’s clarify that.
Generally, renters insurance covers damage or loss to your personal belongings that occurs as a result of fires, lightning strikes, windstorms, or hail – all of which can cause substantial damage. It also typically covers the cost of additional living expenses if you are forced to relocate due to an incident that is covered by your policy.
Additionally, your policy will cover personal liability, including medical bills and property damage caused by accidents like slips and falls for visitors on your property. These are just some of the highlights of what most standard policies offer. Knowing exactly what coverage you have will ensure that you’re appropriately protected should life throw you a curveball.
There are three main areas of rental protection. They are personal possessions, liability, and additional living expenses.
Your policy can cover your personal possessions, like furniture, electronics, and clothing in the event of a disaster. If something out of your control occurs, such as a fire, you can rest assured that your belongings will be covered.
Whether you’re the type of person who loves to host large parties or someone who prefers to keep it on a smaller scale, there’s no denying that being insured provides an added layer of security when it comes to inviting guests into your home. Not only can your rental policy help protect you from property damage or theft, it can also provide liability protection in case any of your guests suffer personal injury while visiting.
Additional Living Expenses
Many renters don’t realize that their insurance can help them pay for additional living expenses if their place becomes uninhabitable due to a covered event. These events could include water damage, fire, smoke, wind damage, explosions, and much more. When unfortunate events happen to your home or apartment, you’ll be able to keep up with the bills while maintaining a comfortable lifestyle elsewhere.
Recap: Renters Insurance and Lease Terminations
For many, understanding the details of both rental coverage and lease termination can be difficult. Renters insurance is generally quite affordable, providing necessary coverage for things like stolen items or damages to the personal property itself. It’s important to get a policy that meets specific needs and restrictions as outlined by the landlord, if required.
On the other hand, the terms of breaking your lease vary in complexity depending upon your length of stay and specific rules set forth by landlords. In general, your renters insurance won’t cover your early termination. It will usually only kick in if your apartment becomes uninhabitable.
You should consider the fees associated with early termination when making decisions about changes in tenancy, since it’s unlikely the insurer will pick up the bill.
Purchase Affordable Renters Insurance in Louisiana Today
USAgencies can help you protect yourself and your belongings with affordable renters policies and offers a wide range of options, so you can find a policy that fits your needs and budget. Get a quote online today, visit us at the nearest office, or call us at 800-420-3712.