What is Tenant’s Insurance?
Tenant’s insurance provides financial protection against theft of personal property and accidental damage to a unit. A landlord will likely have coverage for the building itself and may have a policy on permanent fixtures in the home such as carpets, window treatments and appliances. Personal property of a tenant, however, is not covered under a landlord’s policy. Jewelry, art, furniture, electronics and other valuables will not be protected against damage or theft. Furthermore, if the property or unit is accidentally damaged or someone is hurt on the premises, the tenant may be responsible for paying related costs.
What does Tenant’s Insurance cover?
1. Replacement of destroyed, stolen or damaged property (i.e. furniture, clothes, appliances, etc.)
2. Damages to the unit
• The policy will specify the types of risks that it protects from such as fire and theft.
3. Depending on the policy you choose, you may be covered for:
• Injuries/damages that occur to other people or their property while in your unit.
• Additional living expenses if you need to temporarily or permanently move due to damage caused by an insured loss.
• Personal liability if you accidentally cause damage to an adjoining unit.
Things to Remember
1. Make sure to inquire about the deductible that you’re responsible for paying before the insurance policy will begin coverage.
2. Many items of substantial value such as laptops and jewelry may require special coverage due to their value; speak with your broker about all high value items.
3. If you’re living with other tenant’s you will likely be able to get one policy to cover everyone’s personal belongings, this will reduce the individual cost of the policy.