When people first start to think of insurance, it is typically related to their first car, or their first home, and it is usually because the law or bank requires us to purchase it. Although tenant insurance is not required, it is equally as necessary to have. Your landlord may have insurance that protects his investment in the physical property where you reside, but if the unexpected should happen, your personal property would not be covered.
Tenant insurance policies not only protect your belongings, but it also provides protection against the damage you might cause to others. For example, if the mail carrier slips on ice outside your door, you would be liable for his or her medical bills. Similarly, if you are distracted while filling the bathtub, and the water ends up causing damage to the unit below, you would be liable for the other tenant’s damages. For this reason, it is common for landlords to require the purchase of renters insurance.
“Renting a condominium, apartment or house means that you share many of the same responsibilities and liabilities of a homeowner”
~Chad Mullen, Lane’s Insurance
One additional benefit of tenant insurance is that many policies also cover additional expenses for loss of use. If you cannot live in your unit because of repairs due to an insured loss, your policy will help cover your living expenses, including hotel rooms, restaurant meals and storage.
Renting a condominium, apartment or house means that you share many of the same responsibilities and liabilities of a homeowner. Contact your Calgary condo insurance broker to discuss your options, and help choose the best policy for you.
This blog post is part of the “Top 10 Home Insurance FAQ’s” eBook.
