If your belongings are ever damaged or stolen or you’re facing a lawsuit or additional living expenses due to an act of god, Tenant Insurance may save you from an enormous financial burden.
Most people are familiar with home insurance. Less familiar is Tenant Insurance (also known as Renters Insurance), which protects you if you’re renting a residence. Tenant Insurance may be a requirement for some landlord-tenant lease agreements, but even if it’s not, it’s a good idea to have.
Although landlords likely have insurance of their own, your landlord’s insurance typically only covers the building. This leaves your contents within the building unprotected. Further, if you were found liable for damages to the building, your landlord’s insurance company may come after you for the costs. Renters Insurance can aid you in both of these situations. Further, it can cover certain expenses that arise from an emergency.
Renters may think that they don’t own enough belongings for this type of insurance to be worth its cost. However, a good idea is to take inventory of your belongings and how much it would cost to replace everything. You may be surprised. Insureds can also choose how much personal property coverage they need as part of their policy. So if you have limited valuable belongings, you can opt for a lower amount of coverage but maintain the other benefits of Renters Insurance.
Tenant Insurance can cover additional living expenses as a result of unfortunate situations. It can pay for hotel and reasonable additional food costs when you’re forced to leave your home.