All too often, we are reminded of the benefits and necessity of home insurance. The need to protect an investment like a house is of paramount importance and shouldn’t be taken lightly, but what about those among us who don’t own a home? No matter the reason why one chooses to rent, there is still a need for insurance, and this is where tenant insurance comes into play. If you’re a student renting their first apartment, or a family renting a home, tenant insurance can protect you when you need it most. As with any insurance, there are reasons why you want it.
- Tenant Insurance Covers Your Stuff. Standard insurance that property owners have normally cover the actual building, as well as major appliances that remain when a renter moves out. Beyond that, you’re on your own. Tenant’s insurance will cover your clothing, furniture, electronics, and anything else you own that stays in your apartment or house.
- Some Property Owners Require It. While there are no laws saying that you have to have it, some property owners will require you to have tenant’s insurance and will ask for proof before you move in. Some property owners have insurance policies that require their tenants have it in place.
- Tenant Insurance Covers Liability. Perish the thought, but if something were you accidentally happen to someone in your home or apartment, tenant insurance can help take care of medical bills, or legal expenses that may arise.
- It Protects Your Stuff While You Travel. A lot of tenant insurance policies can cover your stuff while you’re traveling. If your things are stolen or damaged while you’re on vacation, your policy can cover them.
- It May Cover Additional Living Expenses. If for some reason you have to live elsewhere temporarily, your tenant insurance may cover living expenses, such as lodging, food, or other necessities.
While home and auto insurance do tend to get the most attention, tenant insurance is still something that should be discussed with you and your family, and then with Coast Insurance.