Tenant Insurance: Because Protecting What's Yours Is Always a Good Idea!
It’s not your house, but it is your stuff. And it deserves to be protected!
Are you renting a bedroom in the city for the school year or moving into your first apartment?
Don’t start unpacking yet!
The first thing you need to do as a rentee is to invest in secure Tenant Insurance.
What Is Tenant Insurance?
While your landlord has home insurance to protect their property and belongings, nothing covers your own. And without coverage, your valuable belongings are at risk of becoming costly losses.
How does tenant insurance help solve this issue?
Tenant insurance focuses on you, the occupant - your losses, investments and legal liability.
Tenant insurance covers your:
Tenant insurance protects your personal belongings against damage, theft, fire and more!
What Belongings Can Tenant Insurance Cover?
- Musical Instrument etc.
Tenant insurance financially protects your belongings with 100% replacement costs. So if something does happen to your belongings, you receive,
a) All the repair costs needed to return the item to its original state, or
b) A brand new item of equal quality.
Replacement cost coverage ensures your item returns to you without any deductions or depreciation.
Additional Living Expenses
If your rental unit becomes damaged and uninhabitable, tenant insurance helps cover additional living expenses. Your insurance provider covers these living expenses until you can move back to your rental unit or find a new place to live.
What Living Expenses Can Tenant Insurance Cover?
- Moving Costs
- Hotel Room Stays
- Alternate Living Arrangements etc.
These additional living expenses must be both necessary and reasonable.
Legal Liability Claims
Your tenant insurance package also includes personal liability. This coverage offers financial protection if you are responsible for,
a) Accidental injury or
b) Property damage.
Liability coverage usually has a strict limit, which may or may not cover the full extent of your legal liability case. If you’re concerned about your coverage amount, speak with your insurance provider about increasing your limit.
Why Is Tenant Insurance So Important?
Tenant insurance won’t necessarily prevent loss. But it will help get you back on your feet again if the unexpected happens! It’ll save you a headache, a hassle and a hefty amount of cash!
Plus, starting with tenant insurance is a great stepping stone! Are you planning on buying your own home someday? If so, building up your insurance experience early on is a great asset!
Does my landlord require me to get tenant insurance?
Although tenant insurance is not mandatory by law, we highly recommend it. After all, your investments matter. And it’s up to you to ensure they’re protected!
And while you might not be legally obligated to get tenant insurance, your landlord might require it.
As the property owner, your landlord will most likely want to protect their home as best they can. And tenant insurance is the most effective and affordable solution!
Protect Your Investments With Mackay Insurance!
Mackay Insurance covers you and your investments with affordable tenant insurance coverage. Invest in peace of mind - knowing your valuables are always in good hands.
Have questions? Contact your Mackay Insurance broker to learn more about our tenant insurance options. Or fill in the form below for an INSTANT online quote!