Sneak peek of tomorrow’s DID YOU KNOW THURSDAY!!
For this week's Did You Know we wanted to really put a spotlight on the importance of acquiring Tenant Insurance, with a big focus on FIRES!
Everyone thinks that a Fire will never happen to them and many remain unprepared for the unexpected.
You could face a small fire, such as a cooking fire, or a more extensive one, such as an electrical fire or falling asleep while smoking. No matter the scenario your life could be left in an upheaval and many of your possessions could be damaged/destroyed, either by the fire itself, by smoke damage from the fire or by water damage from the efforts made by FireFighters. The structure of your home may be left unsafe forcing you to find a new place to live or extensive repairs may be required before you can move back in.
Why should you get Tenant Insurance?
A rental owner's insurance only covers the building structure. Their insurance does NOT cover your possessions OR your stay elsewhere if extensive repairs/renovations are required OR your move if the home is no longer deemed structurally sound.
So what if something happens in the rental?
If you don't have Tenant Insurance you are stuck paying out of pocket to replace any damaged/lost possessions AND your hotel stay, if necessary, PLUS your moving expenses if you must vacate due to extensive damage.
The Landlord is NOT responsible for these expenses and their insurance will NOT help you!
If you do have Tenant Insurance then your insurance provider will cover all of these costs!
Isn't Tenant Insurance Expensive?
NO! Depending on your package you could be paying as little as $10 per month...THAT'S IT!
Where can I get Tenant Insurance?
If you have vehicle insurance speak to your current insurance provider about bundling the 2 services.
If you don't have vehicle insurance, or your current provider isn't offering a very good deal, get in touch with one of the local Insurance Brokers in your area. They will find you the best deal!
An Insurance Broker can also tell you EVERYTHING that your new Tenant Insurance package will cover!
Tenant Insurance is recommended no matter where you rent however it is especially recommended for anyone living in a multi-family dwelling including duplexes, townhouses, 4-plexes, apartments, suites, etc. You just never know what your neighbour is up to...
Make sure to test all smoke alarms and carbon monoxide detectors in your home EVERY MONTH! Ensure that batteries are replaced EVERY YEAR! If any detector is expired be sure to let your landlord know immediately so that it can be replaced!