Tenant insurance (or renters’ insurance) covers items in your home and more
Insurance for your belongings and possessions is important. Tenants’ insurance helps to provide coverage for unexpected expenses. Let Bryson help you find affordable, low-cost tenant insurance. Beyond covering physical possessions, tenants’ insurance also provides protection for someone being hurt in your home. If you are forced to live somewhere else (from something like a house fire), tenant insurance will also pay for temporary living expenses.
Do you need Tenants’ Insurance?
Tenants’ insurance is for anyone renting a place to live. This includes a condo, university dorm room, house, apartment and more.
Often, a landlord will request proof of insurance to ensure your protection meets their requirements. We will help get the insurance you need and will send proof of that insurance to your landlord to ensure you get into the home you desire.
Protecting your assets is important. In most cases, if your personal property is stolen or damaged by fire, it will not be covered by your landlord. That’s why tenants’ coverage helps to protect the physical assets you own.
To help clarify the amount of insurance required, you can take these two actions.
- Determine how much personal property you own: make a simple inventory list of items you own to determine the combined worth. Consider the cost to replace those items when determining those costs. If you determine you have property worth $40,000 in value then that would be the minimum personal property coverage required.
- Determine an estimate of your net worth: we never imagine the potential cost if someone gets injured on our property. If you determine your net worth is approximately $150,000, that is a good number to ensure, at minimum, your policy provides that amount of liability coverage.
Renters’ (or tenants) insurance does provide coverage for your belongings stolen out of your car but does not actually cover any damage to the vehicle.
Landlords likely have insurance in place to cover damage to the rental property. However, this insurance policy does not protect against damage to a tenant’s property. To limit the liability to the landlord, and to provide proper protection to their tenant, landlords will want to ensure their tenants have proper insurance in place. Additionally, tenant insurance can provide coverage for things like additional living expenses if something happens to the property that leaves it uninhabitable for a period of time (example: fire).