Tenant’s insurance (aka, renters insurance) is often referred to as “contents insurance”.
However, the name “contents insurance” is a misnomer because it implies that the
insurance covers contents only, but most tenant’s insurance policies offer much more
coverage than just personal contents. Our tenant’s insurance policy offer coverage
A tenant policy would provide coverage for personal property from theft, fire, vandalism,
and many more risks. Personal property may include clothes, furniture, appliances,
electronics, jewelry, art, collectibles, and much more.
Personal liability refers to the liability arising out of the use of your rented
home or your personal actions. For example:
Example 1 - you host a party and serve alcohol to your guests. One of your guests
decided to drive home after a few drinks and caused an accident that severely injured
several people. As the host, you could be found jointly liable for those damages.
In fact, hosts serving alcohol have in fact been found liable for the actions of
their guests by the courts in the past. This is personal liability risk.
Example 2 - you inadvertently left a candle lit in the home while you went out for
a jog. Upon your return, you found your home completely engulfed in fire. As a result
of the fire, your home was sustained major damages. The landlord’s insurance company
takes action against you for the damages they had to pay out as a result of your
negligence. This is personal liability risk.
Loss of Use
Tenant’s insurance would provide coverage for loss of use of the unit. For example,
the rented home suffered major damages as a result of a fire and becomes temporarily
uninhabitable. As a result, the tenant would have to look for alternative housing
while their rented home is being repaired. The current market rent may be much more
than what the tenant was paying for the rented home. Loss of use would provide coverage
for these additional costs while their rented home is being repaired. Depending on
the lease agreement, the tenant may be required to continue to pay rent despite the
unavailability of their rented home. Loss of use coverage would provide coverage
for additional living costs of renting alternate housing.
The comprehensive tenant’s insurance policies we offer, provide all of the above
coverage and many other useful coverage for as low as $25 / month.
If you are interested in obtaining a quote, please contact one of our insurance advisors
to schedule a no-obligation personal consultation to help you find the right insurance
solution to protect you and your family.