When renting a new place, there’s a lot on your plate. With so much to consider, don’t let tenant insurance slip through the cracks. As you navigate tenant insurance, you might encounter some persistent myths. Let’s set the record straight by debunking five of the most common misconceptions about tenant insurance.
Myth: Your tenant insurance policy protects your roommates’ possessions as well as your own
Fact: Tenant insurance only covers the renter named on the policy, not everyone living in the space. Each roommate needs their own policy to protect their belongings. Additionally, tenant insurance offers more than just protection for your possessions; it extends to certain liabilities but solely for the policyholder. This underscores the importance of every roommate securing their own tenant insurance coverage.
Myth: Your tenant insurance covers damage to the building you live in, like a broken appliance.
Fact: As a renter, your tenant insurance doesn’t cover any part of the building or structure you live in, including windows, doors, walls, or appliances that belong to your landlord. For example, if someone breaks in through a window and steals your belongings, your policy would cover the stolen items. Still, the broken window would be the landlord’s responsibility under their insurance.
Myth: “Loss of use” or “additional living expenses” coverage pays for the entire cost of alternate living arrangements when you leave your rental unit due to a fire or other event.
Fact:: This type of coverage covers additional living expenses incurred due to an insured event, above and beyond your regular expenses. For instance, if your rent was $1,200/month but you now need to pay $1,400/month for a temporary place, you’d be reimbursed for the extra $200/month. Similarly, if your original apartment had a kitchen and your temporary one doesn’t, you’d be covered for additional food costs that exceed your usual grocery budget.
Myth: Tenant insurance covers all of your belongings, including electronics and valuables.
Fact: While a standard tenant insurance policy likely covers most of your possessions, certain high-value items such as electronics, sports memorabilia, jewellery, collectables, computer software, and bicycles often come with coverage limits or require additional protection. Ensure you understand how your policy handles high-value items to ensure they’re adequately covered.
Myth: You can buy tenant insurance after something happens and make a claim immediately.
Fact: Like any other type of insurance, your tenant insurance policy must be in place before any incident occurs so you can make a valid claim. Insurance won’t cover incidents that happen before the policy is purchased. To be safe, contact a licensed insurance broker to secure your coverage before your move-in day.
These are some of the most common myths surrounding tenant insurance, but many more exist. Consulting with a licensed broker can help ensure you get accurate and up-to-date information. At Gibb Insurance, we can guide you in finding the best coverage for your needs and help dispel any other myths you might encounter along the way. You can
begin your online quote by clicking here or reach out to us at: 519-736-8228