What Your Landlord's Insurance Will and Won't Cover
As a tenant, it's nice to think that someone else will take care of everything. That's one of the benefits of renting. You don't have to call a plumber to fix a leaky faucet or arrange for an upgrade to the electrical system. But there's a lot that your landlord can't take care of. Your personal belongings are among them. That's one reason why it's a good idea to have renter's insurance, especially when your stuff costs a lot to replace.
What is Your Landlord's Responsibility?
Your landlord should also have insurance. But that policy covers the building, not your stuff that's inside the suite. In the event of a disaster like a wildfire, your landlord's insurer will take care of restoring your suite to a livable condition. It will usually also cover what comes with the suite, like the appliances such as the fridge and stove. But when it comes to your furniture, clothing, and personal effects, you are on your own.
Basically, your landlord's insurance covers what it is that you are paying to rent. So, if it's a furnished suite, the insurance will likely cover replacing those items. The floors and fixtures may also be covered. Your landlord may also get some help from their insurer if you're injured on the property. There are other benefits, like replacement of lost rental income if the suite has to stay vacant.
Remember, even though the landlord takes care of the suite, the insurer doesn't necessarily impose a time limit on getting things repaired after a fire or other serious event. So, if you have to vacate for safety reasons, it may be some time before your home is livable again. In the meantime, you'll have to find another place to stay.
What's Your Responsibility as a Tenant?
So, what if you do need to find another place to stay? If you have tenant's insurance, this may be covered up to certain limits. You may get funds to pay for alternate accommodations and expenses like meals and moving costs. That can bring great peace of mind at a particularly stressful time.
Tenant's insurance has other benefits. It includes coverage for the contents of your suite, so you can put in a claim for losses due to theft, fire, or other perils. And about getting injured in your suite -- sometimes, personal injury or property damage is your fault, so you may be sued. In that event, your tenant's insurance can help with your defence and legal costs.
Getting coverage may be cheaper than you think. You can reduce your rates by choosing a plan with a higher deductible. You can also make sure you have less stuff to insure by doing a spring cleaning -- at any time of year --to get rid of what you don't need.
Find the Best Rates on Tenant's Insurance
You can start your search for a policy by researching tenant's insurance quotes on InsuranceHotline.com. You'll have your choice of coverage with rates you can afford.
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