Wondering whether tenant insurance is worth the money? This type of insurance is often quite reasonable, and it could save you money in the long term—maybe even a lot of money. Here’s how:
But with tenant insurance, once you pay your deductible, your policy could cover the value of stolen and damaged goods.
If you had tenant insurance, your policy could cover the costs of those damages, potentially saving you a lot of money.
Liability like this can be covered by tenant insurance, up to a certain amount and with some exceptions.
A tenant insurance policy may cover the cost of some of these expenses and relieve your worries during a very stressful and emotional time.
But…always read the fine print
If you decided to purchase tenant insurance, make sure you understand exactly what your policy covers—and what it doesn’t. Some policies have exceptions for particularly expensive items like jewelry. Some will have limits to how much liability the insurer will cover. And there are other limits or exceptions that you should know before you have to make a claim.
Consider taking pictures or video of the contents of your apartments and your valuables. Keep your receipts, particularly for big ticket items such as electronics, and store them in a safety deposit box or other safe location. In the event you have to make a claim, these could offer proof of what you own and how much they are worth.
Hopefully none of these scenarios will ever occur to you. But if they do, a few extra dollars a month could end up saving you thousands.
For more information, check out the Insurance Board of Canada www.ibc.ca/nb/home/rental-properties/tenant-insurancehttp://www.ibc.ca/nb/home/rental-properties/tenant-insurance.
Chestnut Park Real Estate