These days, most landlords get their homes insured against damages like fire, theft, and many more other risks. But being a tenant, it is our responsibility too to get the place insured where we are living. We often think that this property does not belong to us and therefore we need not do anything like this. This is a wrong decision of ours. Let’s look at the reasons that why insurance is mandatory even for tenants?
If you are a tenant, then you must have known this fact that the insurance plan of the landlord does not cover your possessions. It’s you who have to suffer from the entire damage. Like if you are cooking in your kitchen and suddenly fire catches up and cause damage to your as well as your neighbor’s apartment, then it’s you who have to pay for the entire repair. This can be eradicated only if you have taken the insurance plan. Home insurance for renters covers basically the two important areas. The very first one is if the damage has been done by you or your guests and if someone has got hurt in the damage. Another area covers the damage of possessions.
How to buy this home insurance?
At present, there are no policies that give home insurance to tenants. But if you still want to safeguard your personal belongings, then you can go for the liability coverage. There are some private insurance companies that offer these covers. Prices and features can differ as per the companies that you can compare in order to get the best deal. You should select the one that best suited your needs and requirements.
Things to consider while investing in a tenant insurance: Before investing in any of the insurance covers, make sure to ask the agent to give a complete explanation that can give you a complete idea of the policy and you can be able to decide that whether you want to opt for this cover or not. There are certain features that you must ask for accountability, replacement expense, discounts, theft, and other coverage.
As a tenant, you should consider certain factors and they are: One should treat the rented house as his own house. We are living in that property and are having so many good and bad memories there, so how could we think that the property does not belong to us and that is why we will not take care of it. It is certainly not right. One should take care of the landlord’s assets as well and must include them in the liability coverage you are considering buying.
As a tenant, keep this in mind that home insurance will cost you cheaper as compared to the claim that the landlord can put upon you in case of any damage. So, go with a reliable liability cover and makes your landlord property a safer one.