Most tenants are aware that landlords have insurance on their property. But, you should also know that the landlord’s insurance doesn’t cover your personal belongings such as electronics and furniture in case of an incident like a fire or theft.
This is where tenant insurance comes in, a form of insurance that protects you as a tenant.
What is Tenant Insurance?
Whether you are a tenant or homeowner, it’s always best to have your property or belongings protected with insurance. If you are a landlord, you are expected to insure the property. While as a tenant, it’s up to you to protect your belongings in your home.
Tenant insurance, also known as renters or rental insurance, is a form of home insurance for people renting a house or an apartment. This insurance protects your personal stuff, which the landlord’s insurance will not cover. It protects your personal belongings like your furniture and clothing in your rented apartment should an incident happen. Tenant insurance can also cover injuries that may occur in your rental unit (if they aren’t due to structural problems). Being protected with insurance is a smart investment if you live in a rented apartment.
A tenant insurance policy is one of the cheapest insurances you will find anywhere.
Why Do I Need Tenant Insurance?
Many people consider tenant insurance unnecessary, mainly because it is not your property, and the landlord may already have insurance. However, it’s wrong to assume that your landlord will cover for you if anything goes wrong. Taking tenant insurance is the way to ensure you’re not stranded or paying out of pocket if your personal belongings are damaged or stolen.
Just take some time to consider how much it will cost to replace everything you own, including your furniture and personal items. Even if you only own a few things, the cost of replacement can be very costly, which is why it’s important to have insurance.
Asides from the coverage of personal belongings, tenant insurance also:
- Helps with your needs and additional living expenses resulting from an insurer’s loss
- Protects you and your family in the event of a lawsuit
- Covers you from personal liability
Is tenant insurance mandatory?
No. Tenant insurance is not mandatory, but it’s wise to have one if you are renting a property. Also, many landlords often require you to get tenant insurance before they can rent you their property.
Why is it important to have tenant insurance?
Tenant insurance provides coverage for your personal belongings in case of fire, theft, vandalism, and other similar incidents specified in the insurance policy.
Accidents happen sometimes and no matter how careful you are with your apartment, you may not have control over certain incidents. Moreover, you can’t control your neighbors; they may accidentally start a fire or leave the security gates open. While the landlord’s insurance covers the property and building you stay in, it won’t cover the content of your apartment or damages in situations where someone gets an injury in your apartment. And, even if you think you don’t own a lot of personal possessions, replacing your electronics, furniture, and even things like books and clothes can be quite expensive.
Tenant insurance also protects you from the cost of damage you may accidentally cause others while at your rental unit.
Who should opt for tenant insurance?
You should opt for tenant insurance if you rent a property, whether an apartment, home, condo, studio, loft, or townhouse. Tenant insurance is likely to provide protection and coverage should any incident or damage occur to your rental property.
What Does Tenant Insurance Cover?
With tenant insurance, you may be able to protect yourself against certain situations like theft, break-in, visitor injury and more. The three basic coverages of tenant insurance include personal possessions, liability, and additional living expenses.
Liability, just like homeowner insurance, protects you in events where you are sued for injury or damages that occur in your rental unit by you or other people. It can also cover damages you, your family, or even your pet, accidentally causes to other people while in your apartment. This is an important coverage in case you are sued for accidental damages within your rented apartment.
Let’s say you accidentally started a fire in your apartment; then, you may be held responsible for any damage you cause in the house. Same as if a pipe burst and ruined all your clothes, you will have to repair and replace your items. Also, you may be found responsible if a visitor sustains an injury while on your property. However, with a tenant insurance policy, you can cover the cost of damages you unintentionally caused to your rental unit or to others who visit your home. This usually includes court judgments and legal expenses up to the policy limits.
Apartment Contents/Personal Items
Tenant insurance also offers coverage for your personal belongings and the apartment content in the event of loss or damage due to fire, theft, water, vandalism, electrical malfunction, and weather-related damage. This coverage protects your furniture, appliances, clothing, and other equipment within your apartment. However, you should note that tenant insurance often has a coverage limit. i.e., the maximum amount your policy will pay for personal property losses. For example, most tenant insurance doesn’t cover high-end electronics, jewelry, and fine art, as there is another type of insurance for that.
Additional Living Expenses
Another great thing about being protected with tenant insurance is that some of them cover additional living expenses like hotel bills, food, and other essentials after a loss, or if you cannot live in the damaged property. If your residence is left damaged and inhabitable, some tenant insurance policies will cover your additional living bills. Under this kind of policy, the insurance firm will pay for the tenant’s hotel bill, temporary rental, and other items above and beyond regular cost of living.
How Do I Get Tenant Insurance?
Your home contains things that matter to you, so it’s best to ensure you and your things stay protected with a tenant insurance policy. Some steps to get tenant insurance include:
1: Assess your insurance needs
Before you apply for tenant insurance, it’s a good idea to have an inventory of your personal belongings. You can take photographs/videos of your personal possessions and write them down along with an estimate of each item’s cost. This step is important because it gives you a rough sense of what your valuables are worth and reduces the risk of under-insuring yourself.
2: Call a Broker
The next step is to call a broker that can help you find a great insurance company that offers a tenant insurance policy.
If you are looking for a reliable broker, contact Munn Insurance for a quote today. We help shop the markets for you, for the best options of insurance packages that fit your needs and at the best rate possible.
3: Start the Application
There are different options when buying tenant insurance, so take your time to scan the options and find the one that works best for you. During your application, you will be expected to answer certain questions, like the year the property was built and the type of construction. You can get the answers from your landlord if you are not certain.
At Munn Insurance, we make it our duty to walk clients through their applications to help them understand everything about the insurance policy before committing to it. We work with clients to review the policy and shop the policy with a variety of insurance companies to get the best price and coverage. Afterward, we will discuss payment options and help you understand everything your insurance covers and doesn’t cover.
Contact us today to request a free quote, or call us at +18557268627 and let us find the best coverage for you.
What Is The Cost?
The cost of tenant insurance varies depending on several factors. The following factors are typically taken into consideration when determining your premium:
- Size of rental
- Age of rental
- Cost of personal belongings
Other things that may influence the cost of your tenant insurance are your location, insurance policy history, and deductibles. You can choose your deductible depending on the coverage range you prefer.
At Munn Insurance, we have access to many different insurance providers and can therefore offer you different options to ensure you get the best coverage at the best price.
How Do I Know I’m Getting The Best Deal?
Munn offers all kinds of insurance and ensures the best deal for you, depending on your personal needs. We will take our time to find you the best deals based on factors like your province, the size of the rental, and the worth of your possessions. Also, you can save up a lot when you choose Munn Insurance, so rest assured that you are getting the best deal no matter the coverage you choose.
Contact us today to learn about Munn Insurance or find a suitable tenant insurance policy for you.