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Why Is It Important for Tenants to Get Renter’s Insurance?

For homeowners, it is a standard practice to buy a homeowner’s insurance policy. But you know, renting an apartment is similar to owning a home. The only difference is that you don’t own the property. However, when you rent an apartment, your landlord’s property insurance policy covers losses to the property itself. But what about your personal belongings? They, too, need protection against losses such as a fire breakout or theft. This is where renter’s insurance comes into the picture. It helps tenants cover the cost of repairing or replacing their personal belongings and protects them from any liabilities associated with their rental. 

However, a lot of tenants wonder whether they should get renter’s insurance and if it’s worth it? After all, there are already so many costs associated with house rentals in Kelowna or any other location. Some of the most important ones include the application fees, security deposits, and monthly rents. While you may think that it’s an unnecessary expense, you could regret this decision later. Should you want to know the reasons why renter’s insurance is so important, keep reading the blog till the end.

Reasons Why Renter’s Insurance is Important

Reasons Why Every Tenant Needs to Get Renter’s Insurance

  • The Landlord’s Insurance Won’t Cover Your Belongings

A landlord’s insurance typically covers any damage to the property itself but not your personal belongings. So, while looking for the right rental properties such as Kelowna rental properties, don’t forget to get renter’s insurance. It will protect your personal belongings from common hazards including fire, theft, vandalism, and explosion among other things. Added to that, your renter’s insurance policy will also pay for items such as furniture, luggage, jewelry, clothing, and other electronics that are likely to get damaged by such events.

  • Provides Liability Protection

With liability protection, you will get general liability coverage that will protect you against the legal liability of an accident in your residence. For instance, if a visitor falls or is injured on your property and you are found liable, the liability coverage will pay for any bodily injuries or property damage and cover your legal expenses if someone sues you.

  • Covers Your Belongings When You Travel

Tenants, looking for the best places for rent, often overlook the importance of renter’s insurance simply because they think it’s nothing but an additional expense. But did you know, depending on your specific policy, a renter’s policy can cover your personal belongings, whether they are with you while you travel or they are in your home. This includes the travelers’ cheques, electronics that you may be carrying, and other valuables. Your belongings will be covered from loss due to theft and other covered losses.

  • Additional Living Expenses

There can be certain events that may force you to leave your rental apartment and live somewhere else temporarily. If that happens, your renter’s insurance policy will cover your “additional living expenses” and pay for things like hotel and restaurant costs.

However, it’s important to note that there will be a limit to the maximum amount that you can get. So, check your policy to find out how much and how long it will cover your additional living expenses.

Final Thoughts

Although renter’s insurance is not mandatory, it’s highly recommended. Whether you lease a house or live in an apartment, getting renter’s insurance is crucial if you want to protect yourself and your belongings. Should you be looking for the best house rentals in Kelowna at affordable prices, reach out to Home Finders. Having extensive experience in the field, we provide renters with the largest selection of rental properties to choose from