Tenant insurance: what is it and who needs it?

One of the most common myths about insurance is that renters just don’t need it, plain and simple. Your landlord has insurance, so you’re covered, too…aren’t you?

Not to burst your bubble, but whoever started that rumor was terribly misinformed. In the event of a fire or extensive damage to your building, your landlord’s insurance would likely cover the walls around you and any major appliances that came with your unit, but everything else is on you. This is 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 ways 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 designer sunglasses. With liability coverage, you won’t be stuck paying to replace Lena’s leather backpack or Shane’s shades, and Shane’s medical bills could even be covered, too. Thankfully, third-party 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 your stuff might be worth more than you think.

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. Learn more about other expenses that may be covered under this section of your tenant insurance policy.

Replacement costs

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. Learn more about replacement cost coverage and how it could affect you.

Identity theft

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 had to miss work to resolve the issue. Identity theft coverage is just another way that tenant insurance protects you — the real you, that is.

Whether you’re a recent grad getting ready to rent your first apartment or a long-time renter who has never considered the value of having tenant insurance, talk with one of DPM Insurance Group’s licensed Brokers/CSRs to learn more about your options.

 

Source: Stephanie Fereiro for Economical Insurance

Blenheim Office

24 Marlborough St. N., Box 479
Blenheim, ON N0P1A0

Phone: 519-676-8159
Fax: 519-676-0020

Chatham Office

250 St. Clair St.
Chatham, ON N7L 3J9

Phone: 519-352-4343
Toll Free: 1-800-561-4949
Fax: 519-352-6484

Essex Office

29 Talbot St. N, Box 69
Essex, ON N8M 2Y1

Phone: 519-776-6457
Fax: 519-776-7400

Harrow Office

65 King St. W., Box 790
Harrow, ON N0R 1G0

Phone: 519-738-2277
Fax: 519-738-2279

Tilbury Office

59 Mill St. E, Box 1239
Tilbury, ON N0P 2L0

Phone: 519-682-0202
Fax: 519-682-2391

Wallaceburg Office

403 Wellington St.
Wallaceburg, ON N8A 2Y2

Phone: 519-627-1777