5 reasons why you need tenant insurance

Tenant insurance is your safety net when the unexpected happens. Check the five reason why you should get it

By Homicity

May 29, 2018

5 reasons why you need tenant insurance

You probably have heard of tenant insurance and wondered why they make it a big deal. After all, what are the chances catastrophic events might happen to you?

The chances of a tornado hitting your house are low. But there are other circumstances where your tenant insurance will be your safety net like theft, fires, and property damages. 

Here are five reasons why need tenant insurance. 


1.   You probably live with other people

Here is a likely scenario. 

Your roommate leaves the hot stove unattended and before you know it, the kitchen is on fire.

The kitchen is now damaged and your landlord is not happy about it. Since your lease doesn’t cover these damages, it is time to pay up. Tenant insurance covers you for these types of occurrences caused by other people other than yourself. 


2.    You will recover your belongings

Kitchen fires are likely to become house fires. Your belongings may be damaged or even gone. All the money you’ve spent on them has gone to waste. 

Tenant insurance recognizes that everything you own has value. It helps you replace your items whether it’s furniture, clothes, kitchen items and more. Remember to know by heart what your policy covers since there might be exclusions or maximum limits. 


3.   You will not end up homeless

Your house has burned down. Walking around the city and asking for hospice doesn’t sound like an appealing option.  

This is where your insurance comes in. In the event of a loss, it might cover your temporary stay and even your meals. Just read the limits of your policy to make sure a five-star hotel with a five-course meal is not too much. 


4.   You won’t get in trouble with the law

Getting sued is not fun. You don’t want to be on the wrong side of the table just because someone got hurt while visiting you. 

Most tenant insurance policies include liability coverage. This simply indicates that your legal costs will be covered and your wallet untouched. 


5.    You will be able to sleep at night

Now that you know how necessary tenant insurance is, you will be able to relax in your rental property without worrying about your roommate cooking for the first time. 

Get a quote for your tenant insurance. 


Homicity helps you find your dream home in the perfect community. Whether you are buying, renting, or selling, you can navigate the Canadian real estate market with confidence with our expert advice, market news, and recommendations powered by AI.

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