You think investing in home insurance is pointless because you live in an apartment and have nothing of real value? Would you be willing to pay thousands of dollars if you accidentally set fire to the building or if your washing machine overflowed, resulting in major damage to your neighbour’s apartment? If your computer was stolen, could you afford to replace it?
As a tenant, taking out home insurance is ensuring your peace of mind. Fire, theft or vandalism can occur at any time and replacing your personal effects that have been damaged or stolen will cost a small fortune. Just think of your clothes, your CDs, your furniture and your household appliances. Even if they do not have much value, having to replace them all at once will generate expenses that may well empty your wallet and deplete your savings.
You should also be aware that as a tenant, you are legally liable for any damages you may cause to the part of the building you live in. Similarly, you are liable for damages that other residents or guests might incur through your fault. You own a dog? Know that if it bites a neighbour or causes damage to the building, you could be held responsible and a lawsuit could be brought against you even if you were not present when the incident occurred.
Tenant insurance coverage will not only protect your personal property but
also your legal liability. Basic tenant insurance includes:
- Protection for your personal property if you are a victim of fire, theft or vandalism
There are several protections in addition :
- Cover your personal property while it is temporarily outside your apartment, such as your bicycle
If you think that this type of insurance will cost you an arm and a leg, think again: you can get tenant insurance for only a few dollars per month. The premium is based on the value of your personal property and other factors such as the number of dwelling units, the type of heating system, the presence of commercial occupancy, etc. You can even save big by combining your auto and tenant insurance. just check with one of our insurance experts.
Of course, making an insurance claim is not something most people do very often. However, no one can foresee when a loss will occur: purchasing tenant insurance remains the best solution to ensure you’ll be able to meet adversity and quickly get back on your feet.