If you're a renter, chances are you've considered tenant insurance. Tenant insurance stands apart from other types of property insurance, like home insurance, as it's not intended to cover damage to the physical space itself. Tenant insurance mainly focuses on your personal items found in your rented space, like your clothes, electronics, and other valuables.
If you live in an apartment building and another tenant causes a fire that damages the entire building, tenant insurance allows you to claim the damage done to your personal property, as well as some living expenses, should you need to evacuate during repairs.
Unlike car insurance, tenant insurance is not required by law, but is highly recommended to renters as a preventative measure. In many cases, it's required by your landlord.
If you're renting a property, you should have tenant insurance. It's lower cost than most forms of property insurance, and the benefits are huge. You can have peace of mind knowing that if anything goes wrong, you have the resources to deal with it. You may not realize just how valuable the items in your home are, but the value can add up quickly.
Not only this, but tenant insurance provides coverage for personal liability. This is important, especially if you have guests visit your property. If someone is visiting your home and has an accident or injury, you could be deemed responsible.
At the end of the day, it's up to you and your landlord to determine if you need tenant insurance. But you should have it.
Life is unpredictable, and it all depends which accidents end up taking place in your life. If it's severe, you could end up suffering a complete loss of your personal property and left without a place to live. Without tenant insurance, you could be reliant on your own savings to help get you back on your feet.
A less severe scenario would be if your home is robbed. Luckily, you still have a place to call home, but you lose thousands of dollars worth of personal items and have to pay out of pocket to replace them, or learn to live without them. Compared to the few hundred you may spend yearly on tenant insurance, you could face a much greater loss without it.
A responsible landlord will likely have their own policy that covers damages to the building itself. Whereas your tenant policy is intended to protect your personal belongings. It's a good idea to discuss these logistics before signing your rental agreement.
It’s a good idea to talk to your broker about potential endorsements that can be added to your policy. To learn more about tenant insurance, you can visit our Tenant Insurance page and get a free quote, or give us a call at 1-855-475-0959 to chat with one of our expert brokers!