It is a common complaint our office hears. My Landlord requires that I purchase tenants insurance. My belongings are worthless, why do I need it?
Well there are some important things that you need to consider when it comes to tenants (sometimes called renters) insurance. First and foremost your landlord has every right to make this a requirement of your agreement. In fact it is quite often a requirement from his/her insurer that this is required.
So What is the Big Deal?
Tenants insurance is much more than just covering your belongings. Your landlords insurance policy rarely will cover a tenants belongs. Quite often the biggest reason that tenants insurance is required is for the liability insurance that comes with it. The standard tenants insurance policy will offer $1,000,000 in coverage.
What if your toaster overheats and causes a fire? Your landlord has the ability to get go after your insurance to recover damages. You are protected, he/she won’t really be going after you, he/she will invoke the liability in your tenants policy.
How about that toilet that over flows, or the bathtub that is left running and causes damage to the apartment below. Your tenants policy will respond if you are liable.
It will even respond to that delivery driver who trips and hurts himself dropping off your latest purchase.
The Toronto Star a few years ago, ran an article about the value of tenants insurance, and while it is Ontario centric, much of the information is applicable to Newfoundland and Labrador.
Ok … I Get It. But What Else is Covered?
So not only are your personal belongings covered, and you have liability insurance, you also get many other extended coverages, such as temporary living benefits such as hotel costs if the apartment/condo/home you are renting requires you to move out due to damage (even if not caused by you).
It may even be possible to ask your insurance company to offer identity theft insurance or provide higher liability limits.
If you are looking for more information, it would be a good idea to check out the Insurance Bureau of Canada’s page on tenants insurance.
If you are still not convinced check out this youtube video from Real Estate 101
Alright I Am In!
So now that you are going to buy tenants insurance, its time to turn to your Newfoundland and Labrador Tenants Insurance Experts at Crosbie Job Insurance. Our brokers will tailor a policy that will suit you needs. Tenants Insurance is usually rather reasonable in cost. We want you to Sleep Easy! We’ve Got You Covered!
Give our Experts Shout! Meet the team: For Brokers Across the Island
Ph: 709-726-5414 or 1-800-563-7788
Email: [email protected]
