Top 8 Reasons Why You Need Tenant Insurance
Why you need tenant insurance
You’re a renter and whether you choose a rental with furnishings or have your own home furnishings, it’s important to understand that insurance doesn’t just cover your laptop, sofa and clothing in an unfortunate event. Insurance can protect you from other serious consequences that is often overlooked.
Here we take a look at some of the reasons why Tenant Insurance is a good idea.
Landlords often require that you carry tenant insurance
When you’re in the process of renting a home, the landlord will insist that you have a tenant insurance policy in place. There are many reasons why a landlord would want their tenants to have proper insurance. One of those reasons is it helps to protect the home against any unintentional damage from a tenant and can also protect the renter if something unforeseen happens, like a fire.
Replacement cost on contents add up
Whether or not you own your furniture or they’re second hand or you’re renting a space that is already furnished, replacing contents adds up quickly! While you may not think second hand pieces are worth much, when you add up the cost to replace all your belongings with new ones, the overall cost will be shocking. The cost to replace clothing and personal accessories all adds up into these contents.
Damage to the unit you’re renting
What if you accidentally fall asleep while you’re cooking dinner and a fire starts, or you leave on a hot hair iron and burn through the bathroom vanity? A tenant insurance policy can cover you for smoke damage to the condo or home that you’re renting.
Liability for your premises
Suppose you have guests over and slips on your wet bathroom floor- while we don’t like to think our friends would sue us for an accidents, you could be sued for their injuries. Tenant insurance policies usually include $1,000,000 premises liability insurance.
Theft from your car
Maybe your condo or apartment building has secure parking, but it’s always possible that something can get stolen from your car. This will not be covered under your auto insurance, but can be covered on a renter’s insurance policy.
Property in storage
If you’ve got things in storage (maybe you’re waiting for a new home to be built, or maybe your sports equipment won’t fit in your new basement suite), you can get storage insurance on your tenant insurance policy. Some policies may include it automatically.
Worldwide coverage
Your tenant insurance policy will not only protect your contents at home while you’re away on vacation, but it will also cover the belongings you take with you including things like electronics, computers, iPods, PS3’s, Xboxes, and more
Tenant Insurance can offer pet coverage
Liability claims are very common as a result of dog bites. If you own a pet, your renter’s insurance policy can cover claims of this type. You may also be able to add insurance for accidental death of your pet.
At Rent it Furnished we recommend our tenants and landlords carry adequate insurance coverage to protect them in the event of something unfortunate happening. Read more in our next article on Landlord Insurance.