Wherever you live, your personal belongings are worth protecting. Replacing items like your bike, bed and computer can really add up, especially if you need to replace everything all at once. If you’re a renter, tenant insurance can help cover things that matter most to you. When considering coverage for your contents, ask yourself the following questions:
- What would I do if everything I owned was lost in a flood or fire? Could I afford to replace it all?
- If my place needed to be repaired after a loss or was evacuated in an emergency for several days, could I afford to live somewhere else?
- What happens if I were legally liable for a loss and I am sued? Could I afford to pay the legal fees and damages?
If the answer to any of these questions is ‘no’, tenant insurance is a reasonable solution that can help protect you and your possessions.
Tenant insurance 101
Tenant insurance is similar to home insurance, except it doesn’t cover the physical building or any external structures. Here’s what’s included with a standard tenant insurance policy:
- Belongings – Provides coverage for things you own. This could include things like books, clothing, appliances, electronics and more, and even extends to your personal belongings while you’re travelling.
- Personal liability – Helps protect you financially if you accidentally cause property damage or bodily injury to others while living in a rental. You may also be covered in the event of a lawsuit.
- Additional living expenses – Helps cover expenses if you have to leave your rental temporarily due to a covered claim.
Customize your tenant insurance policy for your needs with optional add-ons:
- Water protection – Get additional protection for your unit with sewer back-up and overland water coverage if you rent a house or an apartment that’s below or at ground level.
- Cyber insurance for your household - Defend against digital risks with a full range of services to protect you and your family from potential cyber vulnerabilities.
- Claim protector – Keep your claims-free discount after your first covered loss.
Ways to save on your tenant insurance coverage:
- Bundling your tenant and auto policies
- Staying claims-free
