Do I Need to Buy Tenant Insurance?
Yes, it is very important. There are more to living on a rented property than just the risks related to property. Tenant Insurance helps you be secured in most uncertain times.
Reason to Must Have Tenant Insurance
- Personal Belongings: The insurance plan taken by your landlord is for the property only. Do not take responsibility if your personal belongings get stolen or damaged. Responsibility of securing your personal possessions is yours only. Tenant Insurance provides coverage against any damage of theft of your personal things.
- Personal Liability: The policy provides coverage if something happens to a guest while on your property or if you get sued by any neighbor or visitor for any accident or damage of property.
- Coverage for expensive items: You might own some exclusive jewelry pieces, art items, furniture or any other valuable items. Your landlord’s insurance will not cover it if something happens to them. Tenant Insurance takes full responsibility of the valuables and compensates in case anything happens to them. You can file claim for the items you have scheduled in the policy. There is maximum claim limit set for the same.
- Required by Landlord: Most of the landlords ask for Tenant Insurance before they give their premises on rent.
- Content Replacement: Replacing one thing might not cost you much but if you caught fire or suffer mass damage, it is quite costly to replace what all you have. Tenant Insurance helps you in such situations.
- Repair of Unit/ Apartment: Consider you have ruined the carpeting or have smoke damage because of cooking. You don’t have to worry; the cost of repair will be covered by Tenant Insurance.
- Storage Insurance: If you have a lot of stuff that cannot fit in your existing space and you have issued storage for those. You can get storage insurance under your existing tenant insurance policy.
- Pet related liabilities: If you own a pet and some accident or damage is caused by them then you can be sued. Some of the Tenant Insurance policies provides coverage for pet liability as well.
- Personal Belongings in Car: Apart from giving coverage of belongings kept at house, tenant Insurance also covers theft of personal belongings kept in your car.
- Safeguarding personal belongings while travelling across the world: We carry our personal things and valuable things while travelling. It is possible that it can be stolen or lost while we are travelling. Tenant Insurance provides coverage for that also.
- Relocating Expenses: If you have relocated in case of extensive damage caused because of fire or flood etc., then Tenant Insurance bears the cost of relocation and related costs.
- It is possible that you share your rented apartment with some other tenants. In that case Tenant Insurance provides financial coverage in case any damage to your belongings is caused by someone who doesn’t live with you.
Tenant Insurance cannot avoid any bad experience but it can surely support you while recovering from the damages caused. Main purpose of getting tenant insurance is to protect tenants from any type of risks or obligations related to property. Apart from that it also protects tenants if you suffer loss of personal belonging or theft or damage because of fire etc. There are a range of additional coverage options available that you can buy depending upon your specific requirement. The cost of insurance policy varies from provider to provider. Ismart Insurance can help you get the best coverage at best rates.
Cost of Tenant Insurance Depends on
- Insurance coverage
- Dwelling location
- Type of construction of your apartment
- Size of property
- Insurance company
- Claim filing history
Tenant Insurance can cost you around $180 to $300 annually depending upon your choice of coverage and other factors. It is important that you get an estimate of annual premium before making a decision. It is important that you make a well informed decision that does not impact your financial stability. We at iSmart Insurance suggest you best plan with suitable coverage after making an estimate of your possessions. You can get an estimate of the annual premium and coverage at our website. We have experts in our team who will help you get appropriate coverage for your personal possessions as well as the landlord’s property.