Do I Need Tenants Insurance?
Yes. Landlords have relatively few legal obligations to compensate tenants for
damage to, or loss of, their personal possessions. Tenants, on the other hand,
are responsible for the harm they may cause to any part of the building in
which they live or to others who live or visit there.
Contents Coverage
Replaces your belongings if they are lost or damaged. You may think you have little of value, but you would be very suprised how much it would cost you to replace everything - all at once. Your old couch and bed might not look like much, but buying a new one would be hard on the wallet.
You should insure for an amount representing the new replacement cost of all your belongings.
How Much Insurnance?
Inventory Checklist
The above is a guide to help you determine your replacement cost value
As a Tenant Are You Liable?
Yes, legally responsible - for damage you cause to the building and to others who
live or visit there.
Basic liability protects you if you or your guests cause damage to the building - your
unit or the whole building. If you don't have this protection and you are sued for
the repair costs, your could be finacially responsible for the whole bill.
What if your faulty toaster oven starts on fire and damages the entire complex?
What if your party guests get out of hand and cause damage?
In the event you were liable in any of the above examples, you would be protected with a tenants insurance policy.
