Something that is often overlooked but can have potentially large repercussions if it’s not purchased is tenant insurance. You may have questions like; why is it so important? What does it cover? Do I really need it? Is it expensive? These are all relevant questions with pretty simple answers.
Why is it so important? Ensuring you have tenant insurance before moving into a rental is very important because it protects your valuables. Most people think that because the owner or landlord have property insurance that your items are covered too. This is in fact not true. Property insurance does not cover items that belong to a tenant that may have been damaged as a result of a fire, flood, break in and more. If you as a tenant do not have any tenant insurance your items will likely not be replaced, therefore leaving you with even larger expense.
What does it cover? Tenant insurance will cover any personal items you may have inside a rental property that could potentially be damaged due to a fire, flood, break in or theft.
Do you really need tenant insurance? Yes. Having tenant insurance is kind of like having a safety net in case something were to happen. You wouldn’t have to worry about the cost to repair or replace your items and some insurances even allocate a certain amount to lodging should you have to stay somewhere else while your rental is being repaired.
Is tenant insurance expensive? In comparison to what it could potentially cost to repair or replace all your damaged items- no it is not expensive. Often you can choose to pay a small monthly payment or pay for an entire year depending on your broker.
Give yourself some peace of mind by purchasing tenant insurance TODAY!