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Helpful Information About Tenant Insurance

No matter what type of residence you rent, it’s your home. It’s where you live, sleep, relax, and entertain. It’s more than just an address, it’s your personal space where you can be you, without worry. And while you may not own your home, you have many of the same insurance needs as a property owner: you need coverage for your belongings; living expenses if you’re unable to live in your home after an insured loss; and, liability. With a tenant insurance policy, you can get all this protection and more, in minutes.

What is tenant insurance?

Tenant insurance, also known as renter’s insurance, is a policy that is usually made up of three components: contents coverage for your possessions; living expenses should an event (like fire) force you out of your home; and, protection against lawsuits. It’s a policy that will help you at a time when you need it most, when disaster strikes at home. Whether it’s from a fire, theft, water damage or a storm, a tenant insurance policy will help offset:

  • The financial loss that comes with having to replace your belongings.
  • Your living expenses should the home you are renting be damaged to such an extent that you need to leave your residence while repairs are done.

Additionally, one of the most underappreciated features of a tenant insurance policy is the liability coverage it offers. This component of a renter’s insurance policy will provide you with protection in the event you’re sued for injuries or property damage you unintentionally caused. What’s more this coverage doesn’t just apply to events that happen at your home, it typically covers you wherever you are, even if you’re on vacation.

Do I need tenant insurance?

Many landlords nowadays require their tenants to have insurance, but even if they don’t require it, having the protection that’s available through a tenant insurance policy is a smart financial decision. The fact is, without tenant insurance, you’re leaving yourself financially exposed because your landlord’s policy only covers the building or unit you live in. Your landlord’s policy does not cover your possessions, liability, or the expenses you may incur if the worst should happen.

There are many excellent reasons why all renters should have tenant insurance:

  1. Your landlord’s policy does not cover your belongings; only you are responsible for the items you own.
  2. Your possessions and the stuff you own have taken you years to accumulate. Imagine if you had to replace it all at once. It would be financially devastating.
  3. Accidents happen, a lot. Kitchen fires happen, people slip and fall, and sometimes taps are left on with the water running.
  4. Theft is common. Many people don’t realize it, but, in addition to being covered when located in your home, your belongings are also covered when away from the premises. For example, you’re covered if your laptop, e-reader, and camera are all stolen while on vacation.
  5. With prices starting at $15 per month, tenant insurance is very affordable for all the coverage and security it provides.

Many people think of tenant insurance just as insurance for your belongings. Although this is certainly one part of a renter’s insurance policy, there are other components that are just as important. Of the coverages that are available as part of a tenant insurance policy, the following are the most common.

Personal belongings: Essentially this is your stuff, and includes everything from the furniture you own, electronics, linens, kitchenware, and appliances to your clothing and even footwear.

Additional living expenses: If you’re forced to evacuate your home, or are unable to live in it due to an insured loss, your tenant insurance policy will help offset the extra costs you’ll face. It will help cover costs, for example, if you have to stay at a hotel, put your possessions in storage, or regularly eat out since you won’t have access to a kitchen to cook in.

Liability: This component of your policy will protect you if you should inadvertently cause an injury or property damage and are sued for it. Perhaps a guest slipped on a spill in your kitchen and hurt her back forcing her to miss work. Or maybe, when drawing your bath, you received a phone call which distracted you causing water to overflow into the unit below you causing considerable damage. In both cases, liability insurance would have your back should a lawsuit ensue.

Although tenant insurance policies will vary, you’ll find in general they will exclude, or limit coverage, on high value items like bicycles, sporting equipment, collectibles, fine art, jewellery, and watches. Additionally, since a tenant’s insurance policy is for personal property it also typically excludes items associated with a home-based business. That said, you can tack on additional coverage to your policy to ensure items like these are fully insured.

Tenant insurance also only covers the property you own; if you have roommates, they need to have their own tenant insurance policy.

There are basically two types of tenant insurance available: all-risk or named perils, and the difference between the two is significant. A named peril insurance policy covers damages or losses caused by events that are specifically outlined in the policy wording. For example, if the policy does not expressly state you’re covered for damages caused by a vandalism, then you’re not covered. On the other hand, an all-risk insurance policy covers everything except what is specifically excluded in the policy. An all-risk insurance policy is more robust and is usually the preferred option.

Tenant insurance is very affordable, in fact, through prices for coverage start as low as $15 per month. Your premium will be determined on a number of factors, including:

  • the amount of coverage you need
  • the location of your rental
  • the type of building you live in as well as how it was constructed
  • your previous claims history
  • the insurer you select

Get tenant insurance today, easily online makes it easy and affordable to get the renter’s insurance you need. Get a tenant insurance quote in minutes and buy online for your peace of mind, knowing you and your belongings are covered. Prices start as low as $15 a month. For additional savings, consider bundling your tenant insurance with your car insurance policy.