The Importance of Tenant Insurance

Man taping packing case

If wind, water or fire damage happened to your home, do you know if your home contents are covered? If you own a house, apartment or condo, your home insurance will cover your property as well as reconstruction in the event of a disaster. However, if you rent your landlord’s insurance coverage only takes care of the structure of the building and any injury that happens on the property.

Here are the top reasons why we think you should get tenant insurance:

It’s inexpensive

Unlike home insurance, or car insurance, tenant insurance is relatively inexpensive since it is only covering the contents of a property instead of the building itself. If you have a car, your car insurance company may also be able to give you a deal on adding tenant insurance for a small amount onto your car insurance.

Your stuff will need to be moved or removed

If the rental property does sustain damage from a disaster, your landlord will call someone in to fix it and you will most likely have to move your belongs for work to occur. Without tenant insurance any moving, packing, replacing, or disposing of your items will fall on you. Since this has to be done before restoration work can start, time is often the essence.

You’ve made upgrades

If you’ve made any upgrades to your unit, like custom organization systems or lighting, your landlord’s insurance policy won’t cover them in the event of damage from things like fire and flood. Though they may seem like smaller expenses, it will be money out of pocket to replace them.

Small stuff adds up

You may think you don’t have anything worth insuring, or that you don’t have enough expensive things, but if you had to replace it all tomorrow it would get expensive quickly. With the low cost of tenant insurance, it’s worth the piece of mind not to have to worry about replacing all your items in the event of a disaster.

You need a place to stay

In the event of a disaster or vandalism, your landlord is not responsible for helping you find and pay for alternate accommodations. Tenant insurance, however, will help cover the costs of alternate accommodations will repairs are taking place. Regardless of how long you may need to vacate your home, having a support system to cover the alternative accommodations is always a good idea.

Accidents can happen

While it is easy to believe that nothing bad will happen, accidents can happen to anyone at anytime. Though you may never need to use your tenant’s insurance, it is worth it to have the added protection in case the worst happens. Tenant insurance also covers you against liability in case of someone getting injured in your rental.

Whether you rent or own, SDS DKI is here to help you through the restoration process, and get you back home and back to normal, as soon as possible.

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