Renters require coverage for their contents and personal liability
Tenant insurance is required for anyone living in an Austeville rental home, and many of our renters have questions about this. Here are some answers!
1. Why do I need tenant insurance?
You need tenant insurance to insure your belongings.
Tenant insurance covers the costs to replace your personal belongings if they are damaged, destroyed or stolen. Could you replace your electronics, clothing or even the contents of your kitchen with your current savings?
You also need tenant insurance to protect you from being sued.
We all make mistakes—anything from leaving a tap running and inadvertently causing a flood to spilling something on your kitchen floor and having someone slip and break a leg. As a renter you may be liable for any damage you cause to the building you live in, to other renters’ possessions and for any injury or harm you cause to others living in or visiting the building. Tenant insurance provides liability coverage that protects you from being found financially responsible for such circumstances.
Finally, you need tenant insurance to cover extra costs if you have to leave your suite due to damages.
Austeville is not responsible for paying your living expenses in the event you must move out of your apartment while an insurance claim is being settled or while repairs are being made after some kind of damage, like a fire. Depending on your policy, tenant insurance can help cover additional living expenses, such as moving and hotel costs as well as meals, storage and more. Make sure that you check with your insurance provider regarding coverage!
2. What do I need to know to qualify for tenant insurance?
Insurance companies usually require basic information about your Austeville building, such as details on the age and location of the building, whether there are fire alarms and sprinkler systems, and the distance to the nearest fire station. Your Austeville Building Manager has the answers to all these questions.
3. How much does tenant insurance cost?
This depends on the value of your belongings, your claims history, the building construction and how much liability coverage you want. You can generally expect to pay between $150 and $400 per year. Shop around for the best coverage and price, as many insurance companies provide discounts.
If you haven’t already, make it your New Year’s resolution to ensure that you are safe and secure in your Austeville rental home and in compliance with your Residential Tenancy Agreement by purchasing tenant insurance today. It’s a relatively small investment that can ward off enormous headaches down the road.