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Tenant insurance also known as renters insurance, offers peace of mind that helps protect your valuable possessions when damage is caused to them by perils or losses like fire, theft, and water escape.
Coverage is also provided for third-party liability that protects you in the event you are at fault for damages to property you do not own. If the building experiences water damage due to your actions, you could be held responsible for paying the costs of the damages to the landlord and other tenants impacted.
A tenant policy also provides valuable additional living expense benefits which can cover the added costs of meals or staying in a hotel when your home is inhabitable due to a loss such as fire or water damage.
If your landlord requires insurance, it is a necessary step before moving in. Not all landlords will require this type of insurance to move into an apartment though. But, if you are renting a place long-term, you should consider getting tenant insurance to cover your belongings. This will save you hassle and ensure protection over your personal items in case something out of your control happens to the place you live.
You should get tenant insurance if:
You should consider getting renters insurance if you’re worried about your personal belongings being damaged or destroyed. Insurance is the best way for you to afford repairs or replacements for whatever has been damaged. Without this insurance, you are responsible for all of your own items, even if the damage is caused by something outside of your control.
Tenant insurance also helps to protect from high legal costs that can arise when you are liable for unintentionally or accidentally causing damage to someone else’s property within the building. It also can provide coverage for unexpected living costs should you require temporary living arrangements if a claim forces you out of your home.