Tenant Insurance: Do I need it?
Whether you are new to renting or have been renting for 20 years it is a good idea to consider Tenant insurance. Why? Your personal belongings. Most renters underestimate the value of their belongings. Even if possessions may be second hand or not brand name having to replace everything you own can add up. Beds, mattresses, television, couch, clothing can cost thousands to replace.
Tenant insurance can cost as little as $10.00 per month. It is an inexpensive way to protect your belongings against theft, water damage, vandalism, fire and other disasters.
Tenant insurance covers extra costs due to insured loss while your apartment is under repair, such as, hotel bills, restaurant bills and moving costs. It can help you cope with the stress of the disaster and loss.
Keep in mind, as a tenant, you are legally responsible for unintentional harm caused to others who live in or visit the property. This could include someone who slips and falls in your apartment. You may be financially responsible for the cost of the injured person damages, such as medical bills or financial loss. Tenant Insurance helps protect you and your family from a lawsuit.
It's also good to know that your landlord's insurance does not cover these items. Property insurance covers the building and the owners liability, it does not extend to you. In the event of a fire or theft it is your responsibility to cover not only your personal loss but costs to rent a new place and any legal costs for damage caused to others.
You do not need to have a huge insurance policy to protect you and your family just a basic policy will do and let's face it- it's a small price to pay to have peace of mind and coverage in case of a disaster.