Tenant Insurance Covers More Than Just Your Stuff
One of the misconceptions about tenant or renters insurance, is that you just don’t need it. Or that your ‘stuff’ isn’t worth that much so you don’t need to insure it. This couldn’t be further from the truth. In this article we refer to Economical Insurance’s Renters Guide to Tenant Insurance. So if you ever wondered “Do I need tenant insurance” or “what exactly does tenant insurance cover”, you’ve come to the right place.
One of the first things you should know is your landlord’s insurance is not there to cover your contents, or you personally.
In the event of a fire in your building, your landlord’s insurance would likely cover the walls around you and any major appliances that came with your unit, but everything else is on you.”
Some people refer to tenants insurance as renters insurance, and this type of insurance covers much more than your contents alone. It can also cover:
- Liability Insurance
- Everything you own – even outside of your home
- Additional Living Expenses
- Replacement Costs
- even, Identity Theft
It is an exciting time when you finally get a place of your own, and there are so many things to think about (furnishing, internet, cable, utilities ….) but don’t forget about your renters insurance. There are several misconceptions about what is covered when you are renting a place (even if you are renting as a roommate).
Here are 5 common myths about renters insurance.
Knowledge is power, it’s time to bust some of these myths:
Your tenant insurance policy covers your roommates contents as well. READ MORE
Your tenant insurance covers damage to the building itself (like a broken window).
“Loss of use” or “additional living expenses” coverage pays for the entire cost of alternate living arrangements when you have to leave your rental unit because of a fire or other event.
Tenant insurance covers all of your belongings, including electronics and valuables.
You can buy tenant insurance after something happens, then make a claim right away.
These are just some of the common myths about tenants or renters insurance. You can read more about each of these in the Economical Insurance article: “Busting 5 Common Tenant Insurance Myths”
Tenant Insurance doesn’t have to be costly, to give you coverage and peace of mind. We would be happy to discuss your specific situation, to recommend the best insurance coverage for your needs. Be informed. We can help.