Most people know that tenant insurance is
not required, and they are right. Many also believe that it only benefits the
landlord. However, there are several reasons why this insurance is beneficial
for the tenant as well.
In this article, we’ll make sure to cover
everything you need to know about tenant insurance. Then you'll be able to
decide for yourself if you need it.
What
is Tenant Insurance?
There are several different tenant
insurance policies, but all of them will cover several standard things:
●
Personal
belongings like clothing, electronics, furniture, and more.
●
Protection
from personal liabilities such as someone getting injured in a rented home or the tenant accidentally
causing injury to them. The tenant insurance will cover you if someone decides
to sue you for such injuries.
●
Temporary
living expenses if you’re unable to live in the rented home because of damage
or loss.
Such standard coverage usually costs a
little as $25 per month. You can also pay extra if you have some other
valuables you want to be covered.
Now, let’s take a look at some of the main
reasons that make tenant insurance useful.
Reasons
for Getting Tenant Insurance
The main reason why getting tenant
insurance is beneficial is the fact it covers personal property. If anything in
the home gets damaged or broken by accident, you wouldn't have to pay for it.
Most people believe that they will be careful and that nothing will happen, so
they don't think they need this type of insurance. However, the truth is that
accidents do happen, so it's better to stay protected.
The same can be said about accidents that
may happen to other people. As we've said, the primary form of tenant insurance
makes sure you're covered if someone decides to sue after getting injured in
your apartment.
The most important
thing about tenant insurance is that it covers the tenant if accidental damage
happens to the apartment itself. Without insurance, you'll likely have to pay for any damage caused while
living there.
A good plus about tenant insurance is that
your personal possessions are covered even while traveling. That includes both
the possessions you take with you and those that stay in the rented apartment.
In some cases, landlords require you to
have tenant insurance. If you refuse, they simply decide not to rent you the
apartment. The landlord is entirely within their right to ask this of you.
If you're a student, your parents'
insurance might not cover you adequately. That's because many policies only
cover you partially while you’re living away from your parents. Plus, they
require that you’re financially dependent on them.
The
Bottom Line
Now you know everything you need to know
about tenant insurance. The information provided here should be more than
enough for you to decide whether or not you need tenant insurance.
If you’re looking for our advice – you
should get it. It’s not expensive, and it covers a lot. Plus, it’s better to be
safe than sorry!
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