Tenant insurance (also referred to as renters’ insurance) is for rental tenants who want to protect their belongings from liabilities such as water and flooding, fire, vandalism, and theft. Let’s review the top five reasons that tenant insurance is must have.
1. Most Landlords Will Require It
Although tenant insurance is not mandatory in British Columbia, most reputable landlords may require tenants to have it as apart of their rental agreement. Your landlord’s insurance will rarely cover you for contents or liability insurance, even if you are renting a suite in someone’s private home. A tenant’s insurance policy will include liability coverage and keep you protected.
2. Protect Yourself from Lawsuits
Let’s say you accidentally start an unintentional fire in the kitchen of your rental unit. Did you know that you may be legally responsible for these damages out of pocket? In most scenarios, your landlord’s insurance company will automatically sue you for damages, whether your landlord wants to or not. When you have tenant insurance, you and your family will be protected from legal issues that may arise.
3. Protect Your Belongings
Tenant insurance policies can be adjusted to cover to your individual needs and personal belongings. These policies can cover jewelry, handbags, art, musical instruments, and more. Your items can be protected and insured for damages that may arise from scenarios such as fire, flooding, vandalism, or theft.
4. Additional Living Expenses Covered
If you are forced to evacuate or leave your residence in the event of a natural disaster such as a wildfire, you will have access to additional living expenses and coverage for what you would pay out of pocket for relocating permanently or temporarily.
5. It’s affordable
Renter’s insurance can be as low as $20 a month. For all the risks associated with renting, it is well worth it to keep you, your family, and your belongings safe and secure. Harbord- The Home Insurance people offers a variety of discounts and savings. Just complete our online questionnaire and all the discounts you qualify for will be worked into the competing quotes. By using our online system to shop the marketplace, you’ll maximize the number of discounts you qualify for.
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Harbord- The Home Insurance People offers a variety of companies and markets for your tenant insurance. Get in touch with our team so we can search our various markets and see who can offer you the best value!