To a lot of renters, Tenant’s Insurance is just another item (albeit a small one) to add to the list of required costs of having your own apartment. You know you need it, it’s not that expensive, and you probably don’t ask too many questions beyond that. But what exactly are you paying for and what exactly is covered? We’ll talk a little bit more about Tenant’s Insurance below!
Very basically, Tenant’s Insurance can protect you in cases of liability and loss. Contents Insurance will cover the items you own inside your dwelling. It is very easy to overlook just how much stuff we all own. Think of all your clothing, kitchen items, and appliances, household items, appliances, TVs, computers, tablets… the list goes on and on. If something were to happen, when you start thinking about the cost of replacing ALL the things you own, it becomes very apparent that you absolutely need this kind of coverage.
But what else can this insurance do for you?
Here is a scenario: There has been a fire in your apartment building and some major repairs will be needed. While the work is being done, all occupants of the building are required to vacate their units. If you have Additional Expenses coverage on your Tenant’s Insurance policy, any expenses that arise from this situation would also be covered. That means hotel bills, restaurant meals, and moving expenses aren’t something you will be responsible for out-of-pocket.
Another way that Tenant’s Insurance protects you is in the event of injury inside your unit. Not only will it cover the expenses from damages should someone get hurt, but it can also cover expenses if you are successfully sued by the injured party. We do our best to prevent accidents and personal harm, but they can happen when you least expect them, and it is always wise to protect yourself.
Now that you know a little more about Tenant’s Insurance, hopefully, you can see just how much coverage you get from such a small monthly expense. We often think of insurance as a “necessary evil” because so many of us are fortunate enough not to need the protection it provides. But it is clear that this protection is designed to give you peace of mind and a sense of security about your home and belongings.