Kelowna Valley Insurance - Why You SHOULD Have Tenant's Insurance

Renters: Why You SHOULD Have Tenant’s Insurance

If you’re a renter, you should have Tenant’s Insurance to ensure your belongings, as well as your potential liability, is covered!

When you aren’t burdened with all the responsibilities of homeownership, it can be easy to overlook certain details when you’re a renter. Even if you’re renting, however, it’s still important to be prepared – expect the unexpected, as they say.

And don’t simply depend on your landlord’s policy!

Rather than take your landlord’s coverage for granted, you’re better off to just assume that your his or her insurance coverage will not be adequate when it comes to your belongings and personal liability.

Tenant’s Insurance is intended to address any discrepancies or shortcomings in your landlord’s coverage.

For you parents of college-aged young adults – given the increased possibility of mishaps – you should seriously consider insurance to protect your youngster (and, likely, yourself) while enjoying some additional peace of mind!

There are a variety of reasons to consider Tenant’s Insurance. Chief among them is to ensure that you and your belongings are adequately protected in the event of the unexpected.

Even if you only rent 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 and televisions.

Understand that you probably own more than you 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.

Tenant’s Insurance may cover any 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.

You’re protected if you happen to damage the landlord’s, or another tenant’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.

If you’re unfortunate enough to accidentally cause someone harm in your building, Tenant’s Insurance will provide the protection you need. 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.

Tenant’s Insurance provides protection 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.

As an added bonus for maintaining coverage, 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 positive insurance history.

Questions about proper insurance as a renter? Talk to us!