Tenant Insurance Explained!

So why is insurance for tenants so different compared to coverage for homeowners? Well, there are likely several factors at work:

Tenant Insurance is cost-effective, in that it’s not likely to break your bank, but will cover you for many things in the event of fire, theft, water damage and more.

It can also protect you against liability, should there be an injury to a person in your unit, or you’re responsible for damage to your unit or someone else’s unit in your building.

With that in mind, let’s take a look at some of the most common types of confusion and objections that tenants have about insurance.

Yes, they do, but in all likelihood, that only covers the building itself. So that means all of your personal belongings wouldn’t be included in case of a catastrophic event. Tenant’s insurance can also cover you against liability.

Say, for example, you leave a tap running or a pot on the stove, and there is damage to your unit, and the damage spreads to other groups. You can be held liable for that, so it’s best to be covered.

Many people tend to underestimate the value of their possessions. Think about a fairly-typical, middle-class household in 2014:

When you start to think about it and tally these things up, you may have more items around your place than you could afford to replace, particularly after a traumatic event like water damage or a fire.

Unless your budget is already stretched thin, you probably can. You’ll likely be surprised at how affordable renter’s insurance is: to give an extensive range, and most people could expect to pay somewhere between $12 and $30 per month. In any case, it’s likely less than a dollar a day — and having the peace of mind knowing that your valuables are protected is priceless for many people.

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