Accidents happen. If water comes in from the apartment above, someone breaks in and steals your computer or there is a fire in the building and smoke damages everything you own, tenant insurance has you covered.
Whether it's damaged or stolen items, the cost of a place to live while your apartment gets repaired, or even injuries to another person in your home, having tenant insurance will give you the peace of mind to know you won't have to pay out of pocket.
There are so many reasons tenant insurance is a good idea.
The deductible is the small amount you pay upfront before the insurance company covers the rest of the cost. For example, if you get robbed and they take your tv, computer and phone - worth $2,000 - and your deductible is $500, then you pay $500 you'd get $1,500 from the insurance company to buy brand new electronics.
You choose how much you want the deductible to be when you buy the insurance policy.
Tenant insurance covers you in the case of fire, burst pipes, water left running, theft, vandalism, wind, hail, and more. This policy also covers you for additional costs if you have to move while your apartment is under repair. You are also protected for personal liability coverage, so if someone else gets hurt in your home you are fully protected.
If you want to add specific things like jewellery items, your new bike or any other valuable items to your plan you should speak to the broker who contacts you once you purchase the base policy.