Whitlock Insurance - Why You Should Have Tenant's Insurance

Are You A Renter? Why You Should Have Tenant’s Insurance

If you’re a long-term renter, don’t take for granted that your landlord’s insurance coverage will cover you and your belongings, too.

If you rent a home long-term, it’s important that you know exactly what your risk of loss would be in a catastrophe, and how you need to protect yourself.

Expect the unexpected and be prepared, especially if you’re a renter.

In fact, it’s probably wise to assume that your landlord’s insurance won’t be adequate when it comes to your belongings and personal liability. Tenant’s insurance is specifically designed to address any shortfall between your landlord’s coverage and what you are responsible for.

For parents of young adults and college students, your child could find themselves particularly vulnerable especially given the increased possibility of mishaps and accidents. Tenant’s insurance will not only protect your young loved one (and, probably, yourself), but also provide you valuable peace of mind!

Here are several good reasons to purchase tenant’s insurance and ensure you’re properly covered:

You own more than you think! You probably own more than you think you do. It often comes as a surprise to most renters to realize how much stuff they actually own and how expensive it would be to replace all of it.  This is why it’s critical to keep an updated record of what you own, including photos or video of your belongings.

Protect Your Belongings. Even if you are renting on a temporary basis, tenant’s insurance will replace the contents of your rental unit in the event of an insurable loss. This includes everything from furniture to expensive electronics such as laptops.

You’re protected even if you damage someone else’s property in your building. As a tenant, you could be vulnerable, liable for damage caused to not just the unit you rent but possibly the building as well – tenants are responsible for the harm they cause to any part of their building. Tenant’s insurance is designed to help cover the damage.

It covers additional expenses after a loss. If a fire occurs in your apartment, you will need a place to stay temporarily. Insurance will cover the necessary expenses while your apartment is being repaired.

It protects you if you cause someone harm in your building. Tenants are potentially responsible for the harm they cause others who live or visit their unit. Tenant’s insurance would help cover the costs associated with this type of claim.

It protects you in the event of a lawsuit related to your rental unit. A standard insurance policy provides coverage, including defense fees and potential settlements, in the case of a lawsuit commenced by a third party.

Additionally, tenant’s insurance contributes to a claims-free history. Most insurance companies will offer a discount if you have several years of insurance history without a claim.  A tenant’s policy can help you establish that insurance history.

More questions about how to be sure you’re covered as a tenant? Please talk to us!