Ottawa Tenant Insurance
I’m only renting, do I need insurance? The simple answer is YES. Why? There are a number of very good reasons to purchase a tenant’s insurance policy.
The Importance of Renter’s Insurance
The most compelling reason is to insure your personal property in the event of a loss. What would you do if there was a fire and you lost all of your personal belongings? Most people do not realize the total value of their possessions such as electronics, furniture, and even clothing. A tenant’s policy enables you to replace your belongings quickly so you can move on with your life as soon as possible after a trying time.
Who Needs Tenant’s Insurance
If you are a renter, you are not covered under your landlord’s insurance. You need a policy that will protect your belongings from risks such as damage or theft. Even more important, you require Tenant’s Legal Liability should you cause a loss to the rental unit. Did you forgot to turn the tap off? Did you leave something on a hot stove? Did you forget to unplug your curling iron? These are just a few of the countless accidents you could unintentionally be responsible for. What would you do if your actions caused bodily injury or property damage and you were sued?
Renters Insurance Coverage
A typical tenant’s policy will include coverage for:
- Personal property
- Personal liability
- Additional living expenses
- The option to add additional coverage for things such as jewelry, fine arts, bikes, and collectibles to mention a few
A tenant’s policy also extends coverage for Additional Living Expenses. If you had to move out of your apartment due to an insured loss, you will incur additional expenses like an unexpected hotel stay. Your Tenant Insurance policy can provide coverage for that.
Do you own a personal use automobile? Did you know that most companies offer a multi-line discount that applies to the Car Insurance as well as the renter’s Insurance? In some cases, the discount almost pays for the entire policy!