Tenant’s Insurance – 6 Important Reasons to Have It!
Don’t depend on your landlord’s policy. If you’re a renter, tenant’s insurance is a definite must to ensure your belongings and your potential liability are covered!
It’s so important to expect the unexpected and be prepared, particularly when you’re a renter.
In fact, rather than take your landlord’s coverage for granted, it’s better to simply assume that your landlord’s insurance probably won’t be adequate when it comes to your belongings and personal liability. Tenant’s insurance is specifically designed to address any shortfall.
If you’re the parent of a college-aged young adult, given the increased possibility of mishaps, insurance to protect your youngster (and, ultimately, likely yourself) provides particular peace of mind!
Here are six good reasons to consider tenant’s insurance to ensure that you and your belongings are adequately protected in the event of the unexpected.
- Your belongings are protected. Even if you are renting on a temporary basis, tenant’s insurance will replace the contents of your rental unit in the event of an insurable loss. This includes everything from furniture to expensive electronics such as laptops.
- You own more than you might think! It often comes as a surprise to realize how much stuff you actually have and how expensive it would be to replace all of it at once. Be sure to keep an updated record of everything you own, including taking pictures or video of your belongings.
- It covers additional expenses after a loss. If a fire occurs in your apartment, you will need a place to stay temporarily. Insurance will cover these necessary expenses while your apartment is being repaired.
- It protects you if you damage someone else’s property in your building. As a tenant, you could be vulnerable, liable for damage caused to not only the space you’re renting but possibly the building as well – tenants are responsible for the harm they cause to any part of their building. Tenant’s insurance is there to help cover the damage.
- It protects you if you cause someone harm in your building. Tenants are potentially responsible for the harm they cause others who live or visit their unit. Tenant’s insurance would help cover the costs associated with this type of claim.
- It protects you in the event of a lawsuit related to your rental unit. A standard insurance policy provides coverage, including defense fees and potential settlements, in the case of a lawsuit commenced by a third party.
Additionally, tenant’s insurance contributes to a claims-free history. Most insurance companies will offer a discount if you have several years of insurance history without a claim. A tenant’s policy can help you establish that insurance history.
Working Ventures Insurance is British Columbia’s top insurance broker with a specialty in group and union member insurance. If you are a union member in BC, we can get you the best rates on your insurance.