Top Reasons To Have Tenant Insurance

 In Blog

When you buy a home, you’re required to have home insurance as a condition of your mortgage. When you rent a home, you are not required to have this coverage and not all renters make the decision to invest in tenant’s insurance.

It’s important to note that your landlord’s property insurance won’t necessarily cover you if there’s an accident, and this is one of the many reasons you should consider purchasing tenants insurance. Here are some additional key reasons to make sure you’re protected with tenants insurance:

1. Your personal belongings will be covered

Whatever insurance policy your landlord has, it most likely covers the physical structure of the unit itself, as well as the major appliances that remain in the apartment when a tenant moves out — anything outside of that is up to you to protect. Tenants insurance will cover your clothes, electronics, furniture, and anything else you own that remains in your apartment or rental house. Standard policies cover a long list of perils, though you’ll need to purchase additional flood coverage if you think you need it.

2. Some landlords require renters insurance

While it’s not required by law, many landlords require you to purchase renters insurance and they will ask for proof when you come to sign the lease. In fact, the landlord’s own insurance policy may require their tenants to have personal property insurance.

3. Standard renters insurance includes liability coverage

By purchasing a standard tenants insurance policy, you’re not just making sure you can replace your belongings in the event of a fire or theft, you are also protecting yourself in the event of an accident. If anyone is injured in your home, or if you yourself accidentally injure someone, your insurance policy will cover medical expenses as well as legal expenses that may arise.

4. Tenants insurance protects your belongings when you travel

Many tenants insurance policies will protect your belongings whether they’re in your home or car, or if you take them with you while travelling. If your belongings are damaged or stolen at any time when travelling, your policy will cover them. Make sure you ask your insurance provider for details about this coverage.

5. Tenants insurance may cover additional living expenses

If there is an event that results in your having to live somewhere else temporarily, your insurance policy may cover these additional living expenses. This may include lodging, food, and other living expenses. Make sure you’re aware of the amount of temporary lodging time that is covered and whether there is a coverage limit.

If you don’t have tenants insurance, contact Jeffery & Spence and get the protection you need.

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