Tenants Insurance Protects More Than You Might Think
Many first time renters are not always aware of the benefits of having Tenants or Renters Insurance. As a tenant, you may assume the contents of your unit are covered under your landlord’s insurance for their property. This is not the case. You need a Tenants Insurance policy in order to help cover the cost of replacing your belongings in the event of a loss.
Another common reason tenants hold off on purchasing coverage is that many don’t think they own all that much. While an average apartment offers less storage space than a house, renters may have more stuff than they realize. If a fire or another disaster caused a total loss, the cost of replacing everything could reach tens of thousands of dollars.
Consider just the cost of a smartphone. That’s just the value of one pocketful of things you own. Add in a laptop, clothing, televisions or videogame consoles. Without even digging too deeply, you can see how the cost of replacing your belongings can add up quickly.
Your Tenants Insurance covers your belongings against common risks like fires or theft. But your coverage includes other protections as well.
Other Advantages of Having Renters Insurance:
- Liability Coverage: If someone is injured while visiting your unit, Liability Coverage protects you from taking any blame, financially.
- Living Expense Coverage: In the event you need to leave your rental unit temporarily if it is damaged and under repair, this coverage will help you pay for a hotel or similar alternative accommodations.
Ask Your Broker About These Additional Options
- Water Damage Coverage: When living in an apartment unit, especially if there are other units above yours, it is always a good idea to make sure you are protected from water damage. A broken pipe or overflowing sink from an upstairs neighbour has the potential to wreak havoc on your unit and any of your belongings.
- Valuable Items Coverage: For things that can’t be replaced with money, like heirlooms or original artwork this, coverage provides some financial compensation for your irreplaceable belongings.
- Home Business Coverage: You may have a hobby you’re thinking of turning into a business or a job that offers the flexibility to work from home. If you do any business out of your apartment, ask your broker about this option to help cover the replacement cost of your belongings associated with the work you do in your rental space.
- Bundling with other insurance policies: Many insurers offer a discount if you buy more than one type of policy. Ask your broker if you qualify for a discount for buying renters insurance along with auto insurance or other products.
Still not sure if Tenants Insurance is right for you? Contact a licensed broker to discuss what type of coverage would offer you the most protection at the best value.