What is Tenant Insurance?

What is Tenant Insurance?

Posted 16/01/2019

by Harvard Western Insurance in

Tenant Insurance can be broken down into 2 categories of coverage: Liability and Your Stuff.

Liability is coverage that protects you financially if you were ever deemed responsible for damages or injury to a third party. For example, you accidentally burn the apartment building to the ground, the Landlord’s insurance company will rebuild it, but they are going to go after you as the responsible party to repay them. To protect yourself from being sued having liability insurance is a must.

Your stuff is called belongings or contents coverage. This protects things like your couch, TV, laptop, shoes, clothes, books, secret Beanie Babies collection (looking at you Mike). If your apartment is broken into, or there is a fire that damages your stuff, a tenant policy will replace your things so that you aren’t left with just the clothes on your back.

Tenant insurance might be a requirement in your lease, or it might not, but regardless it’s something every renter should have and on average costs less than a dollar a day. And tenant insurance doesn’t just come with liability and belongings coverage. There are additional coverages available like identity theft coverage, home systems protection, and legal expense coverage…etc.

If you require tenant insurance or just want more information about whether it’s worth it for you or not, let us know. And Mike, if you’re really a Beanie Babies lover, you’ll want this coverage!

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