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Why You Need Tenant Insurance
Standard Tenant Insurance Coverages
If you rent your home, apartment or residence, you need to obtain tenant insurance coverage. Tenant Insurance protects your personal property after a loss due to an insured damage and provides you with liability coverage in the event of a lawsuit. As a tenant you may be held liable for any damage incurred, to the part of the dwelling that you occupy. Imagine if there were a fire in your apartment unit that spread to the rest of the building? In addition to losing all your personal items, you could be held accountable for additional damages, which could result in liability charges. Tenant Insurance also protects you against unintentional bodily injury and property damage to a third party while on your property. What if one of your guests were to slip and fall while at your home? Your tenant insurance would provide legal protection in the event your guest/visitor to the property, decided to take legal action and cover defence costs.
Tenant Insurance is also available to help you replace your personal belongings after an insurable loss such as fire, theft or water damage. It is a good idea to keep an inventory of your contents away from your residence, in a safe place (such as a safety deposit box), in the event of a claim. Contents Insurance Coverage would be provided for your clothes and most household items (subject to limits of insurance) on an “all risks” or “named perils” basis. An “all risks” policy generally provides coverage for all of your content, except those specifically outlined, and a “named perils” policy provides protection for your personal content from perils specifically named in your policy.
Additional Tenant Insurance Coverages
Tenant Insurance would also provide additional living expense coverage, (subject to a specified amount), if your dwelling building were deemed uninhabitable due to an insured loss. It would compensate you for any necessary expenses incurred, while your apartment/dwelling is being repaired.
Tenant Insurance is a necessity and will protect you against unexpected occurrences. If you cannot afford to replace all of your personal items in the event of a loss, then you need to obtain tenant insurance. Insurance will provide you with the peace of mind you deserve, when faced with unforeseeable circumstances. The cost of tenant insurance depends on a myriad of factors. A My Insurance Broker Adviser will assist you to obtain the coverage you need at the most competitive price.
A My Insurance Broker Adviser can help you to determine the type of coverage you need at the best rate possible, so call or visit today.