Tenant insurance for vital coverage
You think you don’t need insurance because you don’t own very much or because what you do own isn’t worth a lot? Think again!
Potect your property
If the building where you live is destroyed by fire, replacing everything all at once could cost you plenty! That’s why insurance is so important.
Your home insurance for tenants covers your property in case of fire, theft, vandalism, etc. Some items that are stolen or damaged while outside your apartment, in your car, for example, may also be covered.
You’re the one who sets the amount of your coverage. How? The best way is to do an inventory of your property, including your furniture, electrical appliances, bicycle, etc. That way, you’re sure not to underestimate your insurance requirements.
Your inventory will also be very useful if you have to file a claim. You’ll have a complete list of your possessions and their cost to provide to your insurer. Also consider taking photos, and keep them in a safe place. This will facilitate the entire process.
Consider your legal liability
In addition to covering what you own, tenant’s insurance usually provides coverage for legal liability. This is very useful if you’re found responsible for material damage or bodily injury caused unintentionally to others.
The upstairs tenant is badly hurt after tripping over a bicycle you left in the stairway? You caused a fire by forgetting a pot on the stove in an apartment you rented in California? You could be sued and be ordered to pay large sums of money. Fortunately, your insurance includes coverage to look after what you owe.
This coverage also applies to certain events that don’t involve your dwelling. For instance, it comes into play if you accidentally hurt someone in a collision on a ski hill.
The few dollars a month it will cost you to have home insurance for tenants may turn out to be one of your safest investments! Remember to put the name of every tenant on the policy. That way, each of them can benefit from coverage, both for their goods and their legal liability.
What about students?
A son or daughter living temporarily outside the family home to pursue studies may be covered by their parents’ home insurance, both for property and for legal liability. Check to find out!