It is that time of year again when students are packing up and moving away for college or university. An important item often left off of the moving to-do list is tenant’s insurance.
Need some convincing that you require coverage even though you do not own the place? Here are our top 5 reasons to purchase tenant’s insurance:
It protects your stuff
- The main purpose of the policy is to insure your personal property. Everything from socks to furniture. If you have collectibles or other valuable articles you can list them on your policy for a specific amount.
You own more than you think
- It’s the most common thing we hear from renters “I am only a student, it’s my first place I don’t’ have much”. However, you would be surprised to realize how much stuff you actually have and how expensive it would be to replace it all at once. You might have a 10 year old hand me down couch but unless a family member is willing to give up theirs you are likely buying a new one.
- We suggest taking inventory while you pack for the move so that you can come up with a rough estimate of what it would cost to buy EVERYTHING brand new. Take that number and add a bit for things you forgot. This is a good starting point to figure out how much you will want to insure your stuff for.
It covers your liability
- As a renter you are responsible for any damage you cause to the landlord’s building. For example if you accidently leave a pot on the stove and burn the place down your landlord’s insurance company is going to come to you to recoup their costs. Your tenant’s liability insurance will help cover those expenses.
- The liability section of the policy also provides coverage, including defense fees and potential settlements, in the event of a lawsuit related to your rental unit
It covers additional expenses you will incur after a loss
- If a loss occurs in your apartment you will need a place to stay temporarily while the necessary repairs are made. Tenant’s policies include coverage for the extra costs you incur such as the cost of a hotel room for a couple of weeks or the increased cost to rent a similar apartment in the area. Depending on the extent of the damage you could be out of your place for a few days or for the rest of the year.
It’s easy to obtain and affordable
- A tenant’s insurance quote takes just a few minutes. You can give one of our brokers a call or email us with the amount you wish to insure your contents for, date of birth, prior insurance history (if any) and all of the details about the apartment for a quote.
- The cost of tenant’s insurance varies depending on location, coverage required and your insurance experience. Monthly costs are often less than it would be to buy a coffee every day.