Just like you, all insurance policies are unique. Although this information can help you navigate your insurance questions, this is not insurance advice and some details may not pertain to your specific risk. If you have a question about your insurance policy or coverage, never hesitate to give us a call.
Tenant / Renters Insurance
There is no place like home. No matter what home looks like for you, we want to make sure it’s properly protected. At Cassidy & Young our experienced brokers are here to help you navigate tenant insurance and offer you the coverage that best suits your specific needs.
Whether you own your home or are renting, it’s imperative that you have a property insurance policy. This is not only to protect your valuables, but also to protect yourself. Although tenant insurance is not required by law, at Cassidy & Young we believe it is essential. Many landlords also require that their tenants have tenant insurance before moving in.
With rising home costs, the demand for renters insurance is increasing. Unlike most things these days, tenant insurance is an affordable option that protects and prepares you for what may not be in your control.
Did you know that if you invite someone over to your rented space, and they are injured, you could be financially responsible? Let’s talk more about coverage options below!
Tenant policies are built on many of the same pillars as homeowner insurance. Although the house may not be yours, you have made it your home and that deserves protection.
Tenant insurance policies most often include the following coverage:
Contents/ Personal belongings
All of those personal touches that were added to your space to make it a home, are covered here. If you have high value items, please let your broker know as special accommodation/ endorsements may need to be made. Contents are your clothes, books, electronics, and anything else you personally own in your unit.
Did you know that contents insurance travels with you worldwide? Having a tenant policy not only protects the things you have in your home, but it also protects those things (when damaged via a covered cause or peril) while you are abroad.
Liability
As we touched on before, if someone is injured on your property and you are found negligent, you would likely be sued by the injured party. That’s where liability insurance steps in. Liability insurance protects you as a person from the cost of litigation and damages. This coverage, like contents mentioned above, travels alongside you as a person and is not limited to the rented unit and/or property.
Water Coverages
Although particularly of interest for those who rent a main floor or basement unit, all tenant policies could benefit from water coverage. Water losses are some of the most common and costly claims. It’s admittedly easy to assume it wouldn’t happen to you but trust us it happens all the time. On tenant policies, this coverage is quite affordable, especially so if you consider the potential cost of a loss. If you have any questions, give one of our experienced brokers a call!
While living with a roommate may be a great way to save on rent, it’s important that you disclose who you are living with to your Broker. It may not be obvious that an insurance company would care about who you are living with, but they do! Insurance companies are in the business of understanding risk. They want to collect as much information as possible, and based on actuarial data, calculate premium based on the likelihood of a claim. If you are living with other students or another family, please let your broker know as it may require you to be placed in a specialty market.