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Why you need tenant insurance

Tenant Insurance Coverage MCT

Found the perfect apartment? Booked the moving truck?

It’s exciting to find an apartment, house or townhome to rent, but don’t overlook tenant insurance. Not only does it help to protect your belongings in the event of a claim but it also covers other areas and things you are responsible for as a renter. Tenants or renters insurance is one of the most important details for any renter.

Protecting your belongings

Many assume that when renting it’s the landlord’s responsibility to have insurance, and while landlords do have many responsibilities, their insurance will not cover your belongings. Tenant insurance coverage will make sure your possessions are protected from loss and damage.

This can be incredibly important when you consider the investment you’ve made into your furniture, electronics or other valuables. Replacing all of your belongings in the event of a loss or damage can be a major impact financially, so ensuring your belongings are protected will save you in the long run.

Make sure you keep an up to date list of your belongings by using our home inventory checklist. This will assist in itemizing your home inventory in the event of a claim and is a much easier process than trying to write a list from memory.

Protecting yourself

Beyond your belongings, tenant insurance also protects you from liabilities. If a faulty appliance causes damages to a neighbour or a guest is injured in your home, you could be liable for the costs. Tenant insurance protects you if the outcome of these events is a liability lawsuit. If your residence becomes inhabitable, tenant insurance can also cover additional living expenses you may encounter, such as a hotel room or temporary rental.

Protecting your future

Anyone moving into a home, whether owned or rented, is mindful of costs and maintaining a budget. While some may be tempted to reduce expenses, the actual cost for tenants insurance is very minimal. Premiums can start as low as $20 a month and if you’re bundling tenants insurance with your car insurance, your MCT broker may be able to find additional savings.

By investing in tenants insurance and protecting yourself, you can get peace of mind in the event the unexpected occurs. Let an MCT broker help you find the best tenant coverage.