What is Tenant Insurance?
Many tenants think they do not need insurance as they do not own the dwelling/unit like an owned home or condo. Home/Condo insurance is required if the property has a mortgage on it, however tenant insurance is not mandatory unless the landlord requires it as part of the rental agreement. Tenant insurance protects your belongings if something happens to them (i.e. fire, theft, flood, etc). If you are currently renting your home, condo, or apartment here is everything you need to know about tenant insurance:
Tenant insurance is designed to provide you with coverage when renting a home or apartment. This is regardless of whether you live in an apartment building, basement apartment, rent a condo from a private landlord or rent a larger property such as a townhouse or fully detached house. Tenant insurance is the protection you need to cover your valuables and all of your personal belongings in case of fire, theft and other risks. It also protects you if you are sued by your landlord or other persons as a result of your actions (i.e. caused a fire by accident or someone hurts themselves in your unit). Another coverage included is if you need to move out of your dwelling/unit temporarily while repairs are being made from an insured occurrence (i.e. fire, water damage, etc), tenant insurance covers the cost of alternate accommodations.
To be clear, tenant insurance does not cover the structure of your home. This is covered by the landlord's insurance. Instead your tenant insurance covers all of your personal belongings within the home, liability from being sued, and additional living expenses.
Why is Tenant Insurance Important?
Your tenant insurance is there to protect you for any unforeseen issues that could lead to the damage of your personal belongings. For example if you live in a basement apartment and there is a flood, there is a chance your furniture and other belongings could be damaged. Likewise if you have a break in your tenants insurance will replace anything that is stolen up to the limit of your insurance. Your insurance also covers damages in case of fire. As a tenant you might feel you cannot afford the additional expense for insurance. However in general, tenant insurance is quite affordable. Most packages are about $20 per month which means it is affordable for most renters. It is important to keep in mind that without insurance coverage you will be out of pocket for anything that has been damaged or stolen. This can cost thousands of dollars, a far cry from the small annual fees you will pay for your tenant insurance.
How to arrange for Tenant Insurance
Rowat Insurance can assist you in finding the tenant insurance you need for your dwelling/unit. You can arrange to have coverage to replace all of your belongings such as furniture, electronics, and clothing. You can also speak to Rowat about riders for valuables such as jewellery and art.