Did you just move into your very first apartment? Or maybe you’re downsizing and have
decided to move into a cozy two bedroom apartment. When you purchase tenants
insurance you are insuring all of your belongings in your unit with you as well
as getting liability coverage! Don’t think you have that much stuff? Take a
minute and think of what it might cost you if you had to replace every single
thing you own in your unit, right down to your kitchen utensils and bathroom toiletries.
Adds up quick, doesn’t it?
What Kind of Coverage Am I Getting With Tenants Insurance?
Just like with home insurance, you can choose between Comprehensive and Broad coverage.
What is this? Well, comprehensive will give you additional coverage for things like
accidental loss or damage and mysterious disappearance. This means that if you accidentally
drop your fancy new laptop or you lose your gym bag with some of your electronics in it,
your policy can provide you with coverage! In addition to contents coverage you also will
have the following included in your package:
- Additional Living Expenses – can provide coverage for a hotel room or other living expenses
if you are unable to stay in your rental unit after a claim.
- Legal Liability – can provide coverage in the event you are found at fault for
damage caused to the building you are renting. For example, if you forgot to shut off the
tub and caused water damage to your unit or the unit below you.
Some Optional Coverages You May Want To Consider
- Sewer Back Up/Sump Pump Failure – can provide you with coverage in the event water comes
into your unit through the sewer lines or the sump pump fails.
- Scheduled Items – items such as jewellery, furs, collections,
watercraft or bicycles can be subject to a limit in the policy. If you have a higher
valued item, scheduling the article on your policy might be in your best interest.
Tenants Insurance - Information Needed To Purchase
Since you do not own the property, there are only a few things
we will need to know about the residence:
- What kind of heat is in the building? For example, is it a central furnace or do you have baseboard heaters in your unit?
- How many people will be living in this unit and their relation to one another?
- Does the building have a sprinkler system in place?
- Is there a 24hr video surveillance in place?
- How much contents coverage will you require?
Tenants Insurance - Ways to Save
If you have just moved into your first apartment,
things can seem pretty expensive! Or if you are downsizing and
looking to cut your costs, here are some ways you can save on your insurance:
- Claims free for 3 years
- Mature citizen
- Increasing the deductible