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Tenant Insurance

Jun 12
Sarah

 

INSURANCE REQUIREMENTS FOR TENANTS

 

Why do I require insurance?

 

 When you rent an apartment, you have special insurance needs. While the Building Owner (Landlord) has an insurance policy covering the apartment building itself, such as the walls, doors, floors, and appliances. The Building Owner's Insurance does NOT cover your personal belongings or provide you with personal liability coverage.

 

A Tenants package Policy is designed to protect your valuables, as well as cover any damages you could be liable for, such as damaging another tenant's property or if someone is injured while visiting your apartment. You can also be held liable for damages you cause to the building (the Building Owner's Insurer could attempt to recover their costs from you).

 

With Tenant Insurance, you are also covered for additional living expenses (such as hotel) if you have to temporarily move out because your unit or building was damaged in a situation you are insured against (such as fire/water damage in another unit).

 

Where and how do I get Insurance?

 

Please contact a licensed insurance agent or broker who will contact several insurance companies to get you the best price and coverage.

 

Before you start looking for insurance, look around your rental unit. Check prices in flyers or catalogs to get an idea of how much it would cost you to replace everything you own. Then you will be able to tell an agent how much coverage you think you will need. The agent or broker can also help you determine the amount of coverage