As a renter, you may assume that your landlord’s insurance will cover any damages or losses to your personal property. However, this is not always the case. That’s why it’s important to consider purchasing rental insurance, also known as tenant insurance. Here are some reasons why rental insurance is worth it, with a focus on home insurance in Calgary.
1. Protect Your Personal Property
One of the main benefits of rental insurance is that it protects your personal property. This includes items such as furniture, electronics, and clothing. If your personal property is damaged or stolen due to a covered event, such as a fire or theft, your rental insurance will help cover the cost of replacing these items. This can provide peace of mind knowing that your personal belongings are protected.
2. Liability Coverage
Another important aspect of rental insurance is liability coverage. If someone is injured while visiting your rental property, you may be held liable for any damages or medical expenses. Rental insurance can help protect you in the event of a lawsuit or liability claim. This can help cover the cost of legal fees, settlements, or judgments.
3. Additional Living Expenses
If your rental property becomes uninhabitable due to a covered event, such as a fire or flood, rental insurance can help cover additional living expenses. This may include the cost of a hotel, food, and other necessities while you are temporarily displaced from your rental property. This can provide valuable financial assistance during a difficult time.
4. Affordable Premiums
Despite the numerous benefits of rental insurance, it is often quite affordable. Premiums for rental insurance typically cost only a few hundred dollars per year, depending on the coverage limits and deductible you choose. This makes it a cost-effective way to protect your personal property and provide additional liability coverage.
5. Required by Landlords
In some cases, landlords may require tenants to purchase rental insurance as a condition of their lease agreement. This is becoming increasingly common in Calgary, as landlords recognize the importance of protecting their tenants and their own property. By purchasing rental insurance, you can ensure that you are meeting your landlord’s requirements and protecting your personal property at the same time.
In conclusion, rental insurance is worth the investment for renters who want to protect their personal property and provide additional liability coverage. With its affordable premiums, required coverage in some cases, and additional benefits such as coverage for additional living expenses, rental insurance is a smart choice for any renter. Be sure to consider home insurance in Calgary for all your rental insurance needs.
Lakeview Insurance Brokers Ltd. has been a highly dedicated member of the Independent Brokers Association of Albert and has been family-run since 1979. Our brokers take the time to ensure you get the best policy that suits your needs. Contact us today to get started at 403-287-2521 or send an email to [email protected].