If you rent, you already know you need home insurance. But do you know how it works and how to save money on it? Not too sure? Here’s an article to clear things up.
Home insurance for tenants: 2-in-1 coverage
Home insurance covers your own property as well as damage you may cause to someone else’s (i.e., civil liability insurance). For example, if your bathtub overflows and causes water damage in your downstairs neighbor’s apartment, you’ll be covered. Your home insurance civil liability coverage also extends to your spouse and children. If you share your apartment with a roommate or boyfriend/girlfriend (less than 3 years of cohabitation), the name of every occupant must appear on the home insurance contract.
Depending on your needs and your property, you can then choose a comprehensive or named risk contract.
What your tenant’s home insurance protects you against
Your home insurance protects your property against damage caused by:
- Nature: wind, hail, lightning, forest fires, explosions
- People: theft, vandalism, riots
- Malfunction: leaking pipes and plumbing (don’t assume your contract covers all types of leaks and spills. Additional coverage and endorsements are available based on your property and its location)
Save on your tenant’s home insurance
Start by shopping around and combining home insurance + auto insurance or home insurance + business insurance. At Promutuel Insurance, we offer special rates on home insurance for tenants, particularly if you combine types of insurance.
The risk of not having home insurance when you rent
In the event of a loss, you may be sued not only by other tenants you have inconvenienced, but also by your landlord—or by the insurance companies that would have to pay their claims. The cost of insurance is nothing compared to the financial burden of not having the coverage you need.
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