Sadly, many renters believe that they do not need insurance because their landlords would have coverage. This is a very misinformed myth. As a renter, if a fire or extensive damage occurred to the building you live in, your landlord’s insurance would only cover the walls around your apartment and anything that they owned inside, such as appliances. Any of your belongings that were damaged or destroyed would need to be replaced out of your own pocket.
In order to protect yourself, having tenant insurance is a must. Also called renters insurance, this covers not only the items in your apartment but offers protection in a number of other ways that you probably never imagined.
To find out what tenant insurance includes, keep reading below.
Your Belongings (Even When Away)
If you were to add up the cost of every item in every room in your apartment, chances are you wouldn’t be able to easily afford to replace everything should a disaster strike. One of the great benefits about having a tenant insurance policy is that the protection for your belongings follows you even if you leave your home. For instance, if you had your gym bag stolen while in a locker and it contained expensive items like your laptop, cell phone, and your tennis gear, your tenant insurance may have you covered.
Accidents happen in life, despite our best efforts to avoid them. Third-party liability coverage is included in many tenant insurance policies and will protect you if you are held legally responsible for damaging someone else’s property or causing physical injury. Liability coverage will help pay for legal fees, medical bills and lawsuit settlements up to the limit in your policy.
Additional Living Expenses
If you need to leave your apartment following an event such as a fire, water damage or government issued evacuation, your tenant insurance may provide coverage for a temporary place for you to stay while your unit is being repaired. Additional living expenses can also cover the cost of meals if your temporary residence does not have a kitchen.
Can Landlords Require Tenant Insurance
While legally you do not have to have tenant insurance in Alberta, your landlord can require you to have a valid policy as a term of the lease agreement. Most landlords will want to see that their renters have some type of liability coverage to help cover the costs of damage to another unit or suite as well as content insurance to help cover replacement costs of their belongings as a landlord’s insurance will not cover items owned by a tenant.
Make sure that you are protected should an emergency ever occur, even if it isn’t required by law or your landlord. At Bow Valley Insurance, we can compare a number of different policies to find the best coverage for the lowest possible price. To get a free, no-obligation quote on tenant insurance, contact us today.