Your Guide To Renter's Insurance
Did you know that it is becoming increasingly common for landlords and rental complexes to require residents to obtain tenant insurance before signing a lease? Whether you’re a long-term renter or are preparing to settle into your first place, tenant insurance is an essential asset that will keep you, your belongings, and others in your building safe in the event of an unfortunate accident. Learn more about why you should be considering tenant insurance, what’s included, and how to ensure you have the right coverage below!
Why Does Tenant Insurance Matter?
Renting doesn’t make your apartment any less of a home. Just like any house, it’s often our personal belongings and possessions that help transform a space into a familiar retreat from the hustle and bustle of daily life. While there tends to be a misconception that home insurance only matters if you own your property, this isn’t the case! Even though you may rent your residence, you are still held responsible for any damage you cause to your unit, the building, as well as any unintentional harm caused to others who live in or visit the property. Tenant insurance (also called renter insurance) helps keep your belongings safe and protects you from costly damage claims.
What Does My Rental Agency or Landlord Cover?
A common misconception among renters is determining what is and is not covered by their rental company. While your complex is likely insured to cover the property itself, as we mentioned above, you are responsible for protecting your belongings, as well as ensuring you have the coverage to handle any accidental property damage and liability claims. Learn more about how a tenant policy covers these categories below.
Why Does Tenant Insurance Matter?
The primary purpose of any renter insurance policy is to ensure that you, as well as your belongings, are protected against the various mishaps and unexpected occurrences that can happen while living in a shared complex. While it may be tempting to think you don’t need coverage because you do not have a large number of personal belongings, and have never had an incident in past, it’s important to understand that the benefit of having a policy extends far beyond avoiding an ‘inconvenience’.
Replacing the entirety of your possessions out of pocket following a fire or other type of claim while also trying to find temporary accommodations can be overwhelming. With the help of the proper coverage, this is often avoidable. Medical bills resulting from a guest slipping in your unit can stack up quickly and put a serious strain on your finances, leaving you scrambling to find sufficient funds; again, with the right policy in place, you can rest assured that the situation will be taken care of without draining your bank account. The core features of any renter’s policy include:
Content insurance helps protect the contents of your unit, specifically, your personal belongings. Whether you’re an audiophile with an enviable record collection, tech whiz with the latest and greatest gadgets, or like to stick to just the basics in your personal space, content coverage ensures you’re prepared when the unexpected happens.
*Specialty endorsements may be required to cover high-value items or unique memorabilia.
Additional Living Expenses
Should you be forced to evacuate your residence as the result of an insurance claim or other sudden events, your tenant policy can help you cover the cost of finding suitable accommodations until it is safe to return home.
Slips, trips, bumps, and falls can lead to costly medical bills without sufficient protection in place. Liability coverage helps in the event of a bodily harm claim, and also assists should your actions result in damage to the building itself or a neighbouring unit.
Affordable and Easy to Set Up
If you’re on the fence about tenant’s insurance due to worries about cost, you can breathe easy. One of the most appealing aspects about a renter’s policy is a relatively low premium in comparison to the extensive coverage you receive. Best of all, for those looking to get things set up quickly, most insurers are able to help you process a quote and set up a policy in as little as one business day!
Ready to get started? Speak to a member of our team to begin your quick and easy tenant’s insurance quote today!