For people who choose to rent rather than own, the need for Personal Insurance extends beyond having a decent health policy and maintaining some form of life insurance. There is also the need to invest in tenant insurance. Here are some of the reasons why this type of coverage is essential.
Covering Medical Liability Issues
Many tenants think that if someone sustains an injury on the rental property, the landlord is automatically responsible. That is not the always the case. When the injury occurs in the space occupied by the tenant and is due to something that the tenant controls, the landlord is not liable. For example, if a guest trips over the edge of a rug owned by the tenant, then the tenant is held responsible for any medical bills that result. Opting to maintain tenant insurance means there is liability coverage to take care of those expenses when and if they arise.
Replacement of Stolen Belongings
The coverage carried by the landlord does not protect the personal property of the tenant from theft. If someone should break into the apartment and make off with the television, some jewellery, and any other item of value, then the tenant will have to replace those items. Having renters insurance in place makes it possible to file a claim and obtain enough money to buy new items of similar value to the things that disappeared into the night.
Carrying this form of Personal Insurance also comes in handy if an action by the tenant results in damage to the building or premises. For example, if a tenant accidentally forgets to turn off a heat lamp and the living room catches fire, the smoke and other damage will not be the responsibility of the landlord. At some point, the tenant will be held accountable for the costs of repairing the damage. Choosing to have tenant coverage in place will go a long way toward settling the matter quickly. Keep in mind that renters insurance is affordable and comes with a nice range of protections. All it takes is one covered event to make the cost of those premiums worth every penny. Talk with an agent today and secure a policy. Doing so will provide plenty of peace of mind, even if there is never the need to file a claim.
