Here are 3 reasons you need tenant insurance.
In many ways, renting means responsibility lies with the landlord, not you. It’s not your job to fix the leaky taps, pay the property tax, or make sure the building is to code—and that’s probably just the way you like it. If the apartment burns down, it’s not your problem. Right?
Wrong.
First of all, you’ll want insurance coverage so your personal property is protected in case of fire or theft. But there’s another type of insurance renters also need. It’s called liability insurance, and it protects you if you’re sued for claims (personal injury, property damage etc.) that are covered by the policy.
Here are three reasons you need it, using the fire as an example.
Let’s say you accidentally leave a candle unattended and it sets a curtain on fire. After trying unsuccessfully to put the fire out, you call 911 and get the heck out of there. The fire does significant damage to the building.
Reason #1: Your landlord holds you responsible for property damage and sues you to recover their losses.
Reason #2: A couple of the other tenants sue you too, saying you’re responsible for the damage to their personal property and the costs of their temporary housing.
Reason #3: One of the tenants is injured in the fire, and files a personal injury lawsuit against you.
If this sounds far-fetched, think again. In December 2017, a judge found a tenant and her son responsible for paying $820,000 in damages to the owner of the apartment building because they improperly disposed of their cigarette butts in a planter full of peat moss. The butts ignited and the whole building was destroyed. (No one was injured, fortunately.)
What’s the right tenant insurance for you? Talk to BSMW to find out, for free.
If you rent your home, we’ve got your future covered.
What type of tenant insurance do you need? Find out for free.
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