Tenant insurance or renters insurance protects your contents in the event that they are damaged by an insured peril. It also provides coverage in the event that you are liable for damages to the apartment you are renting and/or any bodily injury damage you may cause to someone else.
Tenant insurance is very important because it provides coverage to all of the contents you own in your rented space. Imagine if your apartment burnt down and everything from your cutlery to your clothes to your furniture were destroyed. For many renters, the cost to replace all of their contents would not be affordable.
If you are renting a house or apartment, you need to get Tenant Insurance to ensure that your property and valuables are protected. Contact Us today to get a free quote!
Renters insurance also provides you with liability coverage. If you cause a kitchen fire and burn a portion of your apartment, your landlord is not going to forgive you for the damages. In fact, they will likely sue you for the damages. The cost to repair the damages is often more than what people have saved or can afford to pay back on a loan. Thankfully, the liability coverage found in a tenant insurance policy provides the protection renters need for the damage they cause to the building they reside in.
Renters insurance also provides additional living expenses. At times renters may face situations where they are required to evacuate their premises for a short period of time. This may occur, for example, due to a flood or a fire in an adjacent apartment. Renters insurance will cover the costs of alternative living arrangements until the problem is resolved.There is a limit on additional living expenses so it is important to talk to your insurance broker about this limit.
Do you need tenant insurance?
The answer is YES if you are renting a place to live. Many landlords and building owners do require that you attain and maintain tenant insurance according to your lease agreement.
Can tenants save money on their tenant insurance?
Yes! It is important for you to maximize the discounts you can receive for a tenant insurance policy. Most insurance companies have a policy minimum that is charged for tenant insurance. However, there are some discounts that you can apply to lower your cost such as age discount, non smoker discount, fire resistive building discounts, multi line discount, and alarm discount.