When you are renting a home or an apartment, it is essential to have an insurance policy to cover your belongings in case of an emergency. Here’s why getting tenant insurance is a good idea:
Your landlord’s insurance does not include you
Your Landlord may have insurance on the building at which your renting but that insurance only covers the infrastructure and not your personal belongings. Getting a tenant insurance policy for yourself would be a good idea as it shifts some burden away from your landlord and if your faulty toaster oven starts a fire, you won’t have to pay for the damages.
Tenant Insurance is affordable
Getting tenant insurance is not expensive and saves you a lot of money during a crisis. Your actual cost depends on factors such as how much coverage you need, what type of coverage you choose and the amount of your deductible.
Accidents happen anywhere and at any time, and that is why it’s crucial to have tenant insurance. If someone has an accident in your rental property, you would not be held financially responsible if you have a third party liability insurance.
Tenant Insurance covers your personal property and keeps you off your friend’s couch
A tenant insurance policy protects your personal items such as clothes, jewellery, electronics, furniture. Even if you don’t own much, it’s nice to get your own renters insurance. Renters policy protects you from perils such as:
- Weight of ice, snow or sleet
- Windstorm or Hail
- Damage from water or steam from sources including household appliance
Note: Damages caused from floods and earthquakes are not covered in standard policies. Renters policy also does not cover damages caused by your own negligence. For example, leaving the stove on and cause a fire, the policy most likely will not cover the damage.
The best thing a renter can do to protect themselves is to look into tenant insurance. Compare insurance quotes to find the coverage best suited for their needs. Please call our office and speak to a licensed broker who will take details of your claim and assist you and report the incident directly to your insurance company.
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