Most people don’t think they need tenants insurance because they say they don’t have anything worth insuring. But there are many things to consider when looking out for worst case scenarios. For example, Liability coverage is overlooked because it doesn’t happen as often as something being stolen but it is absolutely the most important reason people should have tenants insurance!
Here are 3 things about Tenants Insurance that you didn’t know.
- Your landlord’s insurance only covers the property itself – it does NOT cover your personal belongings. That is why having tenants insurance is a good idea, in case anything should happen. This also provides coverage if you need to be evacuated from your home – for instance in the case of a fire or flood.
- Having a tenants policy works toward getting lower rates in the future. If someone buys a house 5-10 years down the road after having continuous tenants insurance they may get discounts like loyalty and claims free. This could save hundreds of dollars on the cost of insuring a home.
- Having tenants insurance provides Liability coverage. For example if you accidentally leave the water on and it floods the apartment, you would be liable. The Homeowners policy would pay to repair the damage but then most likely bill the Tenant that is liable for causing the damage. A tenants policy covers Liability up to $1 or $2M.
Best of all, you don’t have to pay an arm and a leg to get yourself covered under these situations. Tenants Insurance is quite affordable! At Northgate Insurance, we can insure a basic Tenants policy for as low as $120 per year (depending on applicable discounts). So what are you waiting for? Reach out to one of our specialists and we’ll be more than happy to help!
What are you waiting for?
Spend more time enjoying your home and property, and less time looking for a broker that understands you.