Even though it is not required by all landlords, tenant insurance provides you, and your possessions, protection in a number of coverage scenarios, including damage. We’ve listed 3 scenarios that will make you wish you had it!
Did you know that tenant insurance is usually less expensive than other types of home insurance policies because it does not include coverage on the actual building?
In the event of a fire…
- If an evacuation order is put in place and you cannot stay at home, your policy will cover costs related to alternative temporary living arrangements, such as staying in a hotel.
- If your residence is not directly damaged by fire, damage from firefighting activity is covered, such as related smoke and water damage.
- Your auto policy will cover the fire damage that your vehicle sustains, but the personal contents in the vehicle at the time of the fire would be covered by tenant insurance.
- Keep copies of receipts and a record of the expenses you incur as a result of being displaced.
You are making home improvements…
- Without tenant insurance, the improvements you have made to the residence are not covered. If the improvements you make are accidentally damaged, tenants insurance can provide you compensation.
An insurance claim is being settled or repairs are being made…
- In cases of fire, theft, or vandalism, your residence might require repairs. Your landlord is not responsible for paying your living expenses while you wait for an insurance claim to be settled, or while repairs are being made. If you are unable to live in the residence, tenant insurance helps to cover your living expenses while repairs are being made.