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A couple with tenant insurance holding key to their new apartment

Tenant Insurance

Even though you don’t own your apartment, it’s the place you call home. A place where you store your personal belongings and cherished items. Just because your landlord is responsible for taking care of the property doesn’t mean you don’t have legal responsibilities or the need to protect your personal belongings.

Tenant Insurance Coverage

Personal Property – Protects “your stuff” all of the contents inside of your dwelling and/or if you have one your storage locker or garage. Items can be anything from clothing to furniture. The amount of coverage required is complicated because there are several concerns at play. You should have enough coverage for your personal property value, any improvements and betterments that you have acquired or made. The basic, all-encompassing answer is that the amount of coverage should be enough to make you whole again so that you do not suffer any financial loss of your own.

Additional Living Expenses – Covers expenses like food, hotel and anything you would be forced to pay over and above the usual cost of living in your own unit when you are prohibited from returning or is unlivable because of insured damage. Some examples of additional living expenses are:

  • Hotel bills
  • Restaurant meals
  • Laundry
  • Rent
  • Mileage
  • Pet boarding
  • Storage

Third Party Liability – In simple terms, liability insurance covers legal matters in relation to your property. Liability coverage comes into play when you or a family member has been found partially or wholly responsible for third party property or personal injury damages due to an accident. Incidents could include a tripping over a loose rug or even a bite from your dog. The standard liability limit is $1,000,000 however; you can opt for a higher limit. If a claim heads to court, your insurance company will often pay for the lawyer defending you in court, along with fronting the cost of any fines the court assigns (up to the limits of your policy, of course). One thing that property-related personal liability does not cover is anything to do with a vehicle. It is important to ensure that your policy has enough coverage to protect all of your assets. If you have significant assets; a business for example, you may want to purchase an umbrella liability policy. If you have questions about umbrella liability please contact your broker.

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