Interested in renting an apartment or house? We don’t blame you – there’s no hefty down payment required like when you purchase a home, you generally have more flexibility on the neighbourhoods you can live in, and you’ll have less responsibilities when it comes to maintaining and repairing your home. There are many other conveniences associated with the tenant life, but it’s crucial that you don’t overlook one thing that many tenants forget about—tenant insurance. Today, let’s explore why tenant insurance is not only a nice-to-have, but an outright essential purchase.
One of the most important coverages in your tenant insurance policy is liability coverage. This coverage will protect you in the event that somebody is unintentionally injured in your home or in the event that you accidentally cause property damage to your unit or the surrounding property. It’s a good idea to maintain a minimum of $1,000,000 in liability coverage and this requirement is something we include in all of our standard leases.
From that ergonomic office chair to the TV in the living room, we all own things and furnish our homes with care. In the event of a natural disaster or other cause of damage to your belongings, contents insurance provides coverage to reimburse you – even if something highly unusual such as the ceiling caving in should occur. This can be extremely handy in situations involving water damage, electrical shorting, or fire damage.
Whether you’re renting an apartment in a multi-residential building, or you have a house to yourself, it’s natural to be concerned about the security of the unit you’re renting. While we hope you never have to experience such a stressful situation, there is peace of mind in knowing tenant insurance incorporates theft coverage in the event of a break in.
Landlords have their own insurance, which provides liability coverage for their areas of responsibility and covers the building itself. What it won’t cover is their tenants’ belongings, which is why it’s crucial for a tenant to have their own contents insurance. There may be other elements to a landlord’s policy as well, and some of these may require that tenants have their own insurance active for these protections to be available. In that sense, landlord and tenant insurance combine to offer the best protection for owners and renters of the property – it’s a win-win scenario for both sides of the proverbial table. And again, it’s often a requirement in the lease for the tenant to maintain tenant insurance with a minimum amount of liability coverage.
Whether you’re living with your partner or sharing an apartment with a group of friends, it’s very important that everyone has coverage. To do this, you must make sure all parties are named to the tenant insurance policy. The other option is for everyone to set up their own individual insurance policy. You can figure out what makes the most sense for your situation given the types of relationships involved, but most importantly, never assume that because one person has coverage, everyone else living in the space does too.
Should a catastrophe occur in your everyday living environment, such as a flood or the building going up in flames, your housing security doesn’t need to go up in smoke. Tenant insurance is designed to ensure a safe and comfortable standard of living when life throws a curveball your way, and this includes coverage for displacement and securing a new place to live. The expenses covered can include temporary hotel accommodations, food, and possibly even initial fees associated with moving into a new unit elsewhere. It all depends on the policy you have active and the provider in question.
If you need tenant insurance to protect yourself and your belongings, we have great news. Medallion Capital Group recently partnered with Canada’s leading digital insurance provider—Apollo Insurance—to offer both tenant insurance and home insurance.
Click here to get your tenant insurance quote in less than 5 minutes. Premiums start as low as $16/month!