You are renting, so insurance is not something you think about when it comes to your residence… after all, the landlord’s insurance has you covered, right?
Wrong. There are several ways in which having tenant insurance protects you from loss and liability, including the following:
- Any upgrades you’ve done to your rented home may not be covered by your landlord’s insurance.
- Your personal belongings – artwork, furniture, electronics, clothing, carpets, appliances – are not covered by your landlord’s insurance. (Do you even know how much it would cost to replace all your belongings? Probably a lot more than you’d think!)
- Your landlord’s insurance doesn’t protect you from personal liability such as accidentally damaging your neighbour’s property, or injuries sustained by someone visiting your place.
- Tenant insurance includes coverage to pay for a lawyer to represent you, should your visitor sue you for that broken ankle on your porch.
- “Additional living expenses” is another kind of coverage offered by tenant insurance. If the damage is so bad to your place of residence (fire, explosion, storm or other disaster) that you can’t stay there, you need to find a way to pay for hotel or other accommodations. Same goes if there is a mass evacuation ordered of your area.
Have you ever experienced loss, or personal liability, as a renter? What would you do differently today if you could? Leave your comments here.
