Do you think you don’t own anything of value, so it’s not necessary to get insurance? If you take a quick inventory of your belongings, you’ll be surprised by their total value. Keep in mind that in the event of a fire or disaster, you could have to replace everything you own, like your furniture, electronics, clothes and sporting equipment. Walk your apartment and make a list, you’ll see it adds up fast.
Home insurance also covers your living expenses if you have to relocate following such an event. For example, if a fire or flood renders your apartment uninhabitable, you can turn to your home insurance for reimbursement of certain additional expenses, like paying for a hotel while your apartment is being repaired.
As a tenant, you’re not covered by your landlord’s insurance if damage occurs in your apartment, or if you cause it.
If you’re responsible for damage caused to other apartments, like if your bath runs over and causes damage to the apartment beneath yours, you could be held liable and have to pay for the repairs. If you have tenant insurance, these expenses will be paid by your insurer under your civil liability coverage.
Another good thing to know is that your civil liability coverage also applies when you’re away from home. For example, if you go on a trip and accidentally damage the hotel room where you’re staying, you’ll be covered by the civil liability provisions of your home insurance policy.
You are not required by law to purchase home insurance for your apartment. However, given its low cost and the major impact a fire or disaster could have, this kind of insurance can really get you out of a jam and provide you with peace of mind. Take a few minutes to get a tenant insurance quote. A general insurance agent can answer all your questions and offer you a product adapted to your needs.