Did you know that your belongings are not protected under your landlord’s insurance if there’s a roof leak or someone slips and falls in your unit? Most tenants don’t know that they are responsible for a number of things inside their rental apartment that aren’t covered under their landlord’s insurance plan. Here, we’ll go through all the ins and outs of tenant insurance and why you should have it in place to protect you and your prized possessions.
Landlords Insurance Won’t Cover Your Belongings
The insurance that your landlord has on their property only covers the building in which you live. It does not cover your personal belongings inside or your liability for accidents that happen in your space. That means if your possessions are stolen during a break in, or they’re damaged during a fire or weather-related incident, you’re not covered. Tenants insurance, on the other hand, will cover the value of your belongings and protect you from a lawsuit if someone happens to injure themselves in your apartment.
Tenant Insurance is Affordable
Tenants insurance is remarkably affordable. For just a few dollars a month, you can get protection for your belongings when you’re renting. Most policies will also include any hotel bills, restaurant meals and moving costs if you can’t live in your dwelling while repairs are being made after an accident. At the low cost, it’s worth it.
Your Belongings are Worth More than You Think
Your belongings are likely worth more than you think. If you add up all the value of your property, it’s likely to equate to thousands of dollars. If you had to replace all of those items if your property was robbed or if there was fire damage, could you afford it? Tenants insurance will cover all your belongings and give you the peace of mind you need.
Small Accidents Can Be Extremely Costly
If someone happens to fall in your unit and you’re found negligent, you could be held responsible for paying all of their medical fees and loss of wages out of pocket. Not only could this put your current earnings at risk, but also your future earnings. Tenant insurance can give you the liability coverage you need to keep your finances secure.
Extra Coverage When You’re Away from Home
Third party liability coverage will also protect you in case you injure yourself at a friend’s property or accidentally damage their home. With extra coverage, you’re protected from any instances even when they arise on someone else’s property.
Considering the low cost of purchasing tenant insurance, we think it’s more of a necessity than an option. You can achieve the peace of mind and protection you need. When you’re ready to shop around for the best rates, contact us at MLS Insurance. Our brokers will compare the prices and offer you the best tenant insurance coverage for your needs and lifestyle.