5 Reasons Why Tenant Insurance is Necessary
If you rent a property, word to the wise – make sure you have insurance. Few tenants realize just how important it is to have tenant insurance. But every year, thousands of renters experience nightmare scenarios because they didn’t have the proper coverage. Find out why tenant insurance is necessary to protect you and your belongings.
The Landlords Insurance Won’t Fully Protect YOU
If you’re like most renters, you assume that the landlords home insurance will protect you since you’re living in their apartment – but you’re wrong. The bad news is the landlord’s insurance only covers the damage to their property. What it doesn’t protect is you and your belongings. If a fire breaks out, your stuff gets stolen, or you accidentally leave the kitchen sink on that floods your neighbours’ unit, it’s on you. Fortunately, renter’s insurance will cover these costs so that you wouldn’t have to cough up the bills to pay for it yourself.
The odds of a friend falling down your stairs or your dog biting your neighbour is slim, but if it happens, you could be in some serious trouble. If an injury or property damage happens because of your negligence, you could be held responsible to pay for the medical bills, their loss of wages, and other related costs as part of a settlement. If you don’t have the money to pay for it, things get worse. That’s why you need renter’s insurance that offers liability coverage. In the event something happens on or in your property, you are protected.
Theft is Costly
Even if a burglar won’t have time to take all your belongings, just think about all the items you do own that they could easily take? Now imagine if you had to replace all those items – it’s a scary thought, isn’t it? Considering a home gets broken into every 90 seconds in Canada, it’s wise to have insurance to cover all of your possessions in your home and also in your car. That’s right — if your car gets broken into while you’re out, your “property” that was stolen out of your vehicle would also be covered.
Fire is More Common Than We Think
Did you know that there are roughly 24,000 house fires in Canada every year with the leading causes being cooking and smoking? Many of those who end up losing their homes didn’t even cause the fire – it just spread. And when a fire breaks out, it’s likely that you’ll have to replace ALL of your possessions and start over. With tenant’s insurance, you’d have the money you need to cover all your lost belongings and any additional living expenses while you find a new home.
Necessary Repairs Can Leave You Homeless
Let’s say your landlord discovers smoke damage in your unit and someone needs to come in to clean your walls, carpet, drapes, furniture, you name it. You can’t stay there while they come in and remediate, so what do you do? The landlord is not responsible by law to pay for your extra living expenses, which means you’ll need to couch surf or pay for supplementary living. With tenant insurance you don’t have to worry if a repair pushes you out for a while, all those costs are covered.
Don’t risk all your possessions and money by avoiding tenant insurance. Contact us today at MLS Insurance and we’ll find you the best rate on the market.