Do I need insurance if I’m renting?

Do I need insurance if I’m renting?

Do I need insurance if I’m renting is a common question we receive at Liberty Quotes.  Liberty Quotes highly recommends tenant or rental insurance if you are a condo, apartment or home renter.  Below is some considerations if you are wondering why you need rental insurance.

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What could happen if if I don’t have rental insurance?

Many condo, apartment and home renters don’t realize what could happen if if you don’t have rental insurance. You could lose all of your possessions, be without housing & be exposed to legal liability if you don’t have rental insurance. There is often a false understanding that your landlord’s insurance will cover the cost of your possessions if something happens to the condo, apartment or building you occupy. If your possessions are stolen, damaged or destroyed as a result of a fire, smoke damage, water damage, or a break and entry, your landlord isn’t responsible for covering the cost of replacing your possessions. If your uninsured, you will lose everything which is why its important to talk to a Broker at Liberty Quotes Insurance to make sure you have the right coverage.

I already put a security deposit down!

What was that security deposit for when you moved in? A security deposit covers minor damage to your rental unit, like a hole in the wall, but rental insurance covers major damage you could accidentally cause to the rental property, like a fire and unintentional injury caused to your visitors, such as a slip and fall. If you are uninsured you could be sued by other tenants in the building or even your landlord.

I dont have that much belongings so I dont think I need rental insurance.

Have you ever taken the time to tally up the costs of your belongings? Many renters don’t realize the value of what they own, or the replacement cost to buy it again. How many pairs of jeans do you own? How much did each pair cost? Ten pairs at $120 each adds up to $1,200. Tally up the cost of clothing, electronics, sports equipment, dishes, bedding, towels, small appliances and furniture — and you will quickly see that $10,000 is inadequate to replace everything in your apartment if you lose it in a fire.

Additional Living Expenses

Even if you already have insurance, you need to understand the difference between coverage for contents and coverage for additional living expenses (ALE). For example, if a building suffers extreme fire damage that requires extensive reconstruction or repairs your coverage may only cover your belongings, but it may not cover the expense of moving out or relocating. Talk to your Liberty Quotes Insurance Broker to determine if you should have ALE coverage. You should consider additional living expenses while your building is being repaired or rebuilt.

What would you do if your home burned to the ground? You may have sufficient coverage to replace your possessions, but do you have enough to cover additional living expenses if you are forced to move out temporarily? Could you afford to stay in a hotel or other temporary rental unit for six months — and replace all your possessions? How would it affect your kids ability to get to school? What about your pets?

How much does Rental Insurance cost?

Rental insurance may be more affordable than you think! The risk of being uninsured versus being insured can be the life saver in the event of a major disaster. For the price of of four fancy coffees a month, you can have the piece of mind that you, your family, pets and belongings are covered!

Thinking of of the future

When you have a tenants insurance policy in place, you are building an insurance track record.    This means if and when you buy a property one day, you now have a record of insurance that will open up many more options for your insurance in the future.  Some insurance companies will not provide homeowners insurance for first time buyers without previous rental insurance.   It can also allow you to get homeowners insurance one day with a “claims free” discount from day 1, since you may have had a record of claim free insurance with your rental insurance.

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