It is no secret that insurance is vitally important. Car, life, home or medical insurance coverage is necessary to protect you in the case of emergency or an accident. Yet, many renters fail to purchase tenant insurance. The good news is that tenant insurance tends to be far less expensive than many other types of home insurance policies because it doesn’t include coverage on the actual building. Considering the relatively low cost of tenant insurance, not carrying coverage is an unnecessary risk.
The landlord’s insurance does not cover a tenant’s or an occupant’s personal property damages caused by fire, theft and any other perils which cause damage or loss; therefore, it is not only in the best interest of the tenant, but all tenants are required to carry Tenant Insurance with a minimum liability of $1,000,000 per occurrence.
Here are the top five reasons why you need a policy to protect you:
1. Your landlord’s insurance policy will not cover you. While your landlord may have insurance coverage on the building where you are renting, that insurance is in place to protect the structure and the landlord’s own personal liability in case someone is injured on the property – THE LANDLORD’S INSURANCE WILL NOT COVER YOUR POSSESSIONS. As a renter you must carry your own tenant insurance to protect your belongings from potential risk.
2. The upgrades you’ve made are not covered by your landlord’s policy. While your landlord’s insurance policy protects improvements that they’ve made – it doesn’t cover the improvements you’ve made. So if you’ve installed a new closet organizer or made other changes to your living quarters that are damaged in the event of an accident (i.e. fire), don’t expect to be compensated. Only your tenant insurance can provide you with that coverage.
3. You need to insure your possessions. Though you may not think your possessions would present a significant loss to you, take an inventory and you’ll see how quickly the value adds up. At a relatively low cost, tenant insurance is available to provide coverage.
4. Even if you’re careful, you still need to have liability insurance. Accidents happen. That’s why we need insurance. Though you may not intentionally injure someone in your home, or you don’t plan on causing damage to a friend’s property, there is always a possibility that you could.
5. In the event that your apartment becomes uninhabitable (i.e., due to flood, fire, etc). Your landlord isn’t responsible for paying your living expenses in the event you can’t continue to live in your rented dwelling while an insurance claim is being settled or repairs are being made. This includes cases of fire, theft, flood, vandalism, etc.
When obtaining tenant insurance, make sure to register the following landlord email address in order for the insurance company to automatically email activation, renewals or changes to your policy directly to the landlord: firstname.lastname@example.org
We recommend that you carefully review all insurance policies. Reading and understanding your insurance policy is an essential component to protecting yourself, your family, and your property. The following is a list of some companies who provide Tenant Insurance that you may want to consider and are able to provide a discount to Villa Torino & Villa Cortina Apartments residents.