One of the most common myths about home insurance is that renters just don’t need it, plain and simple. But whether you’re a first-time renter or you’ve been renting your space for years, you should know that your landlord’s insurance policy is probably not designed to protect you or your stuff. You’ll need your own insurance for that – and that’s where tenant insurance comes in.
Tenant insurance, sometimes referred to as renter’s insurance, doesn’t just cover the items inside your rented space – it can protect you in wats you never even knew you needed. Let’s take a look at some of the biggest perks.
Sometimes accidents just happen, despite our best efforts to prevent them. Sometimes your puppy chews a slobbery hole in your best friend’s leather backpack while she’s supposed to be asleep in her crate. And sometimes you accidentally hit your teammate in the face with a baseball and break his nose…not to mention his new Ray Bans. With liability coverage, you won’t be stuck paying to replace Lena’s leather backpack or Robert’s Ray Bans, and Rob’s medical bills could even be covered too. Thankfully, liability coverage is a component of many tenant insurance policies, and it tags along with you wherever you go.
Everything you own – even outside of your home
You’re always on the go, and that’s why tenant insurance protects your stuff, wherever you may take it. When your designer gym bag is stolen from your locker — along with your new iPhone, your laptop, and all of your basketball gear — tenant insurance could have you covered. Without tenant insurance, you’d be stuck replacing it yourself. You may think you don’t own anything worth insuring, but it all adds up.
Additional living Expenses
If you need a place to stay while your landlord gets your apartment back in order (following a fire or water damage, for example), tenant insurance can put a roof over your head. Plus, you’ll probably be a little hungry after dealing with the stress of leaving your home in a hurry, and your renter’s insurance can even cover the costs of keeping you well fed until you can get back in the kitchen.
Have you ever come home after a weekend getaway to find that your freezer has broken down and everything inside is rotten, including those steaks you were planning to cook up for that special someone? Without tenant insurance, you’d have to bite the bullet and replace those filets mignons — not to mention the rest of your groceries — on your own dime. But with tenant insurance, a foul smell will be your only worry.
Identity theft is also covered under many tenant insurance policies. Your insurer could reimburse you for things like legal fees, the cost of sending certified mail, and the wages you lost when you skipped out on work to resolve the issue. Identity theft coverage is just another way that tenant insurance protects you — the real you, that is.
If you're still wondering whether tenant insurance is worth its price tag, take a walk through your apartment/home and consider each item you'd need to replace if it were taken from you. Your stiff might be worth more than you'd think.
Want to know more about tenant insurance and what it could do for you? Talk to a licensed broker to learn about your options