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How Renters and Landlords Benefit
Are you a tenant that lives in a house, apartment or condo in Fort Saskatchewan, Alberta? Do you know your rights and obligations as a renter? One of the most important facts to remember is that you need to insure your belongings in case of a fire or natural disaster.
The “it won’t happen to me” mentality is not worth betting on with the knowledge that six out of the 10 most costly insured disasters in Canada have occurred in Alberta over the past decade.
Another misconception is that the landlord will pay for damages and losses of your belongings. This is untrue. As a renter, understand your rights and responsibilities. Having proper insurance coverage won’t leave you biting your nails when a storm hits or a fire breaks out in your home.
4 Reasons to Buy Tenant Insurance
- Tenant, or renter’s, insurance covers a loss of a lot of household items, big and small. Think furniture and pots and pans. Keep an inventory of your valuables and you’ll be prepared in an accident, mishap, or disaster. Renters insurance also covers theft.
- A flood or fire destroys your unit or basement suite and you have to vacate the premises for several weeks. Now what? If you were savvy enough to purchase insurance, you’ll be covered for personal expenses, including accommodations, costs of eating out, and often the cost of moving.
- Protection from a lawsuit. While your best friend’s sister seems like a top-notch person, if she slips and falls in your decked out, but slippery, condo unit, she may take you to court. No insurance equals no protection, so call your broker today and set it up.
- It’s cheap! On average, renter’s insurance costs $15 per month. That’s less than a pair of expensive jeans and a bottle of wine. You may spend more on lattes or appetizers on wing night, so don’t wait until an accident happens, it’ll be too late.
How Can Renters’ Insurance Protect Landlords?
It’s worth mentioning that many renters don’t have tenant’s insurance. Either because they don’t know about it, or they think that their landlord’s insurance covers them. It pays to be informed as a renter and as a landlord.
But how are you, as a landlord, on the hook? Besides the reason that a loss to the renter could cause a delay in paying rent to you (as the renter is now out of pocket), tenant insurance is a plus for landlords for a few other reasons. The major reason is tenant’s insurance prevents liability issues if the renter causes bodily injury or property damage to a neighbour. The landlord isn’t to blame but the frustrated neighbour may decide that you’re next in line for compensation. Also, if your tenant gets sued if, say, they owe money, the renter and their insurance company will deal with those issues, not you.
In the end, everyone is happier if renters take the time and buy the proper insurance. It’s easier than getting your license renewed at the registry, so make a call today and speak with one of our qualified Farnese staff members to get the help you need.