If you are renting an apartment or a house, and someone inquires about do you need tenant insurance, the answer should be yes each and every time. It is very important to have this type of protection on your belongings in the event of a fire or any other catastrophic accident. Here are some very helpful tips to help you understand the need to protect yourself.

Contrary to popular belief, your landlord is not responsible for anything that goes on in your apartment. If you damage the appliances that came with the apartment, or destroy any part of the unit itself, you as the renter are liable to pay for those damages. Further, if there is a fire, your landlord and his insurance policy does not cover replacing your belongings.

Because of this, you must purchase some type of policy that ensures that out of pocket costs for damages or replacing your things is minimal. Otherwise, you will be hit with the huge expense of buying all new things and repairing any damages that could be claimed as your fault.

There are different types of coverage available that will suit every need. If someone comes to your apartment and hurts themselves while they are in your space, they can sue you for damages. Not your landlord. Having liability coverage will save you a lot of money if a judgment of liable is lodged against you. Liability coverage will also take care of any damages that occur within the confines of the apartment by either then tenant or their guests.

If you are concerned about the things you own being damaged or completely lost due to a fire, flood, or vandalism then a content coverage policy might be what you are looking for. This will give you the full value of all your belongings in the event of having to replace them.

Additionally, if you have to leave your apartment because of damages caused by a fire, you can purchase coverage that includes help with additional living expenses. If you have to stay in a hotel or motel while your apartment is being fixed after a disaster, this kind of policy will pay most or all of your expenses while the unit is being repaired. Be sure to check with your broker to see how much of the incurred expenses it will cover.

It is important for you to ask your broker or agent about all of the services a renters policy will cover, and get him or her to explain everything. Sometimes a deductable is required before the company will start paying on the policy. It is good to know how much that is, and how often it is to be paid.

When asked do you need tenant insurance, hopefully you will have already purchased your policy and you are well protected. If you have not done so, keep in mind that for a small amount of money you will be protecting yourself, your belongings, and those who are visiting your apartment. Without one, you will most likely be putting yourself at risk for big expenses if anything bad should happen.

Author Bio: Choosing Edmonton apartments as well as London apartments for the first time can be difficult. Viewit before you rent it!! Viewit has apartments all across Canada.

Category: Finances
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