#GoodReads – Tenant Insurance

#GoodReads – Tenant Insurance via Canadian Real Estate Magazine.

“…Just because you don’t own the home you live in, that doesn’t mean you can’t be insured against damage to your property and belongings. In fact, tenant insurance can be relatively low cost and can prove well worth it when the situation arises.

If you are a renter, especially if you are renting for the first time, you may not fully understand how renters insurance works. Do I need to get it? How much does it cost? What does it cover? These are all common questions that renters have. Unfortunately, it is possible to go all the way to signing a lease without actually understanding when and why you should use tenant insurance. Tenant insurance is also great for landlords to know about because they will be able to advise their tenants on how to protect themselves. In short, tenant insurance can benefit both the tenant and the landlord…

What is tenant insurance?

Tenant insurance, also known as renter’s insurance, is exactly what it sounds like in the name. Similar to home insurance, renter’s insurance protects you as a renter and your belongings in the event of an unexpected scenario like a flood or fire and other liabilities.

The important difference is that as a tenant, you do not own the building you live in. For this reason, it would be useless for you to pay home insurance (though you probably do pay for it in part and indirectly through your rent costs). Therefore, renter’s insurance protects you and your belongings but stops short of the structure itself, which is the responsibility of the property owner…

What does tenant insurance cover?

There are three major areas that tenant insurance coverage is concerned with. These are your belongings, liability coverage, and living expenses. In general, the amount of coverage you have for your renter’s insurance policy will be up to you to decide. Higher coverage may cost more and be a bit more involved in setting up, but you will be more protected as a result…