Why Do You Need Tenant Insurance?
The Hartford’s Tenant Insurance protects your personal property, covers your liability, protects you from having to cover unintentional damage to the home you are renting, and provides assistance with living expenses if you are displaced from your home due to fire or other losses.
- A tenant’s personal property is not covered by the landlord’s insurance. If there is a fire where you live, your landlord is only responsible for the damage to the building. Replacing your clothes, electronics, kitchen items, jewelry, furniture, and other personal belongings is your responsibility. The same applies to theft, lightning, windstorm, hail, explosion, smoke, vandalism, and other hazards. Without a tenant insurance policy, there is no coverage to help you replace everything you worked so hard to have.
- Where would you go if you had fire or smoke damage in your home? A tenant policy can provide money to find alternate housing until you can return to your home or find a new place to live.
- Your landlord can hold you liable for damage you unintentionally cause to their property.
- Tenant insurance can also provide financial protection by offering liability coverage if someone is injured on your rented property. Do you own a dog? Personal liability protects you if your dog bites someone and you are sued. It can pay legal defense fees in these circumstances.
How much coverage do I need?
With tenant insurance, you need to determine the amount of coverage that is right for you. When selecting the amount of insurance, you will want to think about everything you own. How much would it cost to replace your clothes, television, furniture, dishes, and small appliances? The amount of personal property coverage can be as low as $10,000 or can be over $100,000. You should select the coverage amount that would provide you will enough money to replace everything.
The lowest liability limit available on a tenant policy is $100,000. If you own a dog or have other personal assets you want to protect, you should consider selecting a higher liability limit.
How much will it cost?
The average tenant insurance policies are less than $200 a year. Your premium is determined by the amount of coverage you need. You can protect your personal belongings and financial liability for less than $5 a week. You can also receive a discount on your auto insurance policy for carrying tenant coverage from The Hartford.
Contact your Personal Lines Sales Representative at Probity Insurance Services to learn more.