Tenant's insurance, sometimes referred to as renter's insurance, is usually purchased by someone renting an apartment or other property who would like to protect the contents of their home. It does protect the contents of your home, but it has some other features that can be even more valuable. It is a relatively inexpensive coverage and, as David explains in the video below, there's more to it than you might expect.
David is a personal lines insurance broker on Armour's Account Management team in our Edmonton Office.
Tenants insurance protects you three main areas:
- Additional Living Expenses
Protecting the contents of your home is probably the most obvious thing that tenants insurance does for you. It covers your valuables, furniture and personal items in case they are stolen, damaged or destroyed. The liability and additional living expenses coverage are sometimes overlooked though.
Renter's Insurance Liability Coverage
Just like a regular property insurance policy Tenant or Renter's insurance protects you from a liability standpoint. If someone is injured while visiting your home, you may be held liable for their injury and end up in a lawsuit. The liability portion of this policy is meant to protect you from the financial cost of such a lawsuit. The liability coverage also travels with you, outside your home. If you were to mistakenly cause harm to someone anywhere in the world, the same coverage could be used to protect you.
Additional Living Expenses
In the event that your rented home becomes unsuitable to live in, the additional living expenses coverage could help you survive until you can move back in again. The goal of this insurance is not only to get you back to where you started before the damage was done, but to support you along the road to recovery.
For more information about why tenant's insurance may be right for you give us a call at 1-855-475-0959.