Finding a place to live can be difficult, finding the perfect place can be near impossible – Finding insurance for your new place does not. Tenant’s insurance (sometimes also known as renters or contents insurance) is actually quite simple to get and only involves about a dozen questions, most of which can be answered by your landlord or property manager. The common misconception is that you don’t need insurance when you’re renting.
I’m only renting this apartment, I don’t own it. Why do I need insurance?
Well, I’m glad you asked – wait, weren’t we last speaking about proper insurance for building your man cave, nevermind… Anyway, while you may not own the property you are renting, you do own what’s inside it – your contents. A tenant’s insurance policy provides coverage for your personal property (like that fancy 72” TV that totally isn’t the same one the “other guy” had in his man cave) in the event of a claim. For example: if the building burnt down, the landlord’s insurance covers him for the building and your tenant’s insurance covers you to replace your belongings inside. Tenant’s insurance also provides legal liability – this alone, is worth having even if you do not own many things or think they’re not valuable. If someone is injured on the premises, a lawyer will tell them to sue the landlord and the tenant – that’s you! The liability coverage will help protect you in the event something like this happens.
Tenant’s insurance is chosen by the amount of contents coverage you want, with most policies starting at a minimum of $30,000. Liability starts at $1 million and can be increased if desired. We also highly recommend adding sewer backup coverage, no matter where you are renting – there are still sewage pipes running through the walls of high-rise apartment buildings!
Dude, really? Gross…
Hey, for an average cost of $30 per month, you can be assured that your things are protected if something happened such as a sewage flooding your apartment!
One very important thing to note is that you should keep a record of what you own, to avoid any discrepancies in the event of a claim. I would highly suggest going around your new place after you move in and take photos of every room. If you have jewellery, such as engagement rings or watches, you should have them appraised and specifically listed on the policy as the standard limits may not be enough to cover these items.
Last, but not least, if you sign up for tenant’s insurance with the same company that you have your car insured with, you will receive a discount – and in some cases, the discount received on your auto insurance is enough to cover the entire cost of the tenant’s policy!
Free insurance…?! What?! Mind blown.
Whether or not you are soon to be renting or already renting, why don’t you give Absolute Insurance Brokers a call at 1-877-941-2266 for a quote! We can make sure your belongings and your apartment are covered!