When it comes to renting, it’s common for many to turn a blind eye to tenant insurance. While some landlords require their tenants to provide proof of insurance, it’s optional for others. These days, the cost of rent is already extremely high and many don’t want to spend the extra money on something like insurance. However, what many don’t realize is that paying a small amount for tenant’s insurance now can end us saving you a lot of money down the road. Here, we’ve highlighted 3 of the reasons why you should always have tenant insurance when renting a property.
Personal Property Coverage
Tenant insurance is great to have for those unexpected issues and disasters that you might not be prepared for. It will cover your personal property and belongings should they be damaged by something out of your control, whether fire, flood, theft, vandalism or otherwise. If you have items of significant value, you may wish to disclose these with your insurance agent in order to ensure you have the proper amount of coverage. The few extra dollars you spend on your insurance policy will save you the financial burden of having to replace lost or damaged assets.
Loss of Use Coverage
If an event occurs such as a fire or flood that forces you to leave your home temporarily, it is important to have coverage for making other living arrangements. The cost of living in a hotel or temporary rental can add up very quickly. While it might not seem like it now, you will be very grateful that you had insurance should a situation like this arise.
Liability Coverage
You will never regret having liability coverage. Most tenant insurance policies will cover a majority of bodily injuries whether a result of a dog bite, a slip and fall on your front porch or otherwise. The liability coverage included in your policy will help you avoid the financial burden having to pay out of pocket for any medical care or related expenses the individual requires.
If you are a renter and have yet to purchase tenant’s insurance, it isn’t too late! Contact us today for more information or a quote.