There are advantages to being a renter…
As a renter, you’ve got it pretty good: No property taxes, no lawn cutting, no snow removal … Just simple living!
But what would you do if you returned from work, or a vacation, and all your possessions in your apartment had been destroyed by a fire? Or if there was a break-in and some of your most expensive stuff was stolen?
You may think that the building owner’s insurance will take care of all the damage caused by a fire.
Your building owner is only required to carry insurance for the structure. Usually, covering everything outside “your walls” is his responsibility, while everything inside is yours to cover.
This means all your furniture, electronics, appliances, clothing and jewelry are uninsured unless you purchase a renter’s policy.
The Cost Of Replacing Your Stuff
If you’ve considered it all, you might think that the “stuff” you have accumulated isn’t worth that much. It may or may not be worth anything from a dollar amount, but that’s very different compared to how much it would cost you to replace it. Buying a new bedroom set, clothing, or a computer can cost much more than you think—especially if your current ones are older or out of date.
You’ll be surprised at how affordable renters insurance can be. Besides covering all your stuff, it covers you from being held liable for if someone hurts themselves while they’re in your home. So in the unfortunate event you’re sued, and the judgment goes against you, the tenant’s policy will cover you up to the policy limits.
Do you need tenant’s insurance?
Your property is not covered by your landlord in the event of a claim, you need to make sure your belongings are properly covered and safe
First, do the math and add up how much it would cost to replace your belongings.
Second, check with the terms of your lease and verify the coverage’s and limits required by your landlord
Third, request a tenant’s insurance quote to see just how affordable it is to protect your belongings from perils like theft, vandalism, fire, and water.
What else is covered?
Tenants insurance can cover virtually all of your personal possessions. Most policies provide coverage for electronic goods and equipment, small appliances, sports equipment, cameras and photography equipment, furniture, clothing, glassware and china, and books. Items such as computers, jewelry, furs, watercraft, and firearms can also be covered with extended protection. Your tenants insurance policy will generally include:
- Personal property protection
- Guest medical protection
- Additional living expenses
- Temporary housing
- Liability protection for people on your property
- Lawsuits where you are held responsible for: Injury to another person; Damage to another person’s property (whether the incident occurred within your rented residence or elsewhere)
Again, we encourage all renters to spend just five minutes with a calculator to add up the cost of replacing everything they own. What if you came home tomorrow and your apartment had burned down? Where would you go? How would you pay to replace your clothing, furniture, and appliances? When you ask yourself what tenants insurance covers, you can relax and say yes to all of the above.
The Lyon & Butler Difference
You may think you want the cheapest insurance you can find, but realize you may not be getting everything you bargained for …
… While most insurance products are similar in price and function, insurance providers are very different when it comes to structuring a policy that actually covers you.
There’s no such thing as a one-size-fits-all insurance policy.
We’re your neighbours. We protect people we know and care about and that means we always look for ways to protect you better, including carefully choosing the insurance companies we represent to be both affordable and responsive.
Click on the quote request button now and let the professionals at Lyon & Butler help you forge the strongest shield possible to help you protect the things you care about most.