Why You Need Tenants Insurance

Why You Need Tenants Insurance

Sticky
Jul 12, 2017
0
When entering a new lease with The Properties Group it is required that all tenants, both residential and commercial, acquire tenant insurance. As a renter, considering insurance is not usually considered at all. According to Statistics Canada, less than half of residential renters purchase tenant insurance when entering into a new lease. Protecting your business and personal life is important to us. Renters insurance will help protect you and your possessions in the event of a loss or damage. Here is a quick breakdown on what tenant insurance can do for you. Protection As a tenant, you may not own your space, but you do own everything in it which can include furniture, fine jewellery, equipment, and entertainment products. In the case of an unfortunate mishap, without tenant insurance all of these products will not be covered and you will be responsible for refurnishing your unit. These unexpected costs can lead to serious stress on your personal or professional life. Liability Personal liability is a critical factor to consider in regards to why tenant insurance is important. Even though you may not consider your belongings to be of value, that does not mean your surrounding neighbours feel the same way. Imagine a fire that sets in your home or business and effects the surrounding units, you could be held financially responsible for any damages that you cause, even if it is accidental. Tenant insurance also covers legal and medical bills if you are found at fault in an unfortunate event. Affordability Tenant insurance can be a life changing service that is easy to obtain and comes at an affordable cost, purchased at an average of $20 - $30 a month. Statistics Canada studies show that tenant households that bought tenant insurance spend an average of $309, less than half of what homeowners pay. Combining your tenant and auto policies can also help lower your premiums. Compare prices through insurance professionals to find the best fit for your needs. Whether you are a business owner or residential renter, the importance of understanding basic tenant insurance will help you achieve a piece of mind.  For more information regarding tenants insurance and our policies, contact an agent today at 613-237-2425.  

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