Insurance for Tenants

As a tenant, why should I get Insurance? Will the landlord’s policy provide enough insurance?

Many first-time renters often make the mistake of not getting renter’s or tenant insurance. This insurance is incredibly important in protecting your possessions! Your landlord’s own insurance policy covers damage done to the building itself and not the personal possessions of the tenant. Tenant insurance doesn’t just cover your personal property in the event of a robbery or fire – it also covers other issues such as if a guest or delivery person is injured while in your home because of tenant negligence (e.g. tripping over a shoe).

I have roommates. Can we get insurance together or do we have to have separate policies?

Some insurance companies will allow individuals to purchase tenant insurance jointly; however, there are some disadvantages to this approach. In order to ensure expectations are met between all tenants, it is good to keep a record of each tenant’s valuables and their worth and accordingly, an appropriate ratio of sharing the cost of the insurance. Also, roommates should discuss together what would happen if one of the tenants moved out.

Alternatively, insurance companies can also provide separate policies, which can make things much simpler if a roommate decides to leave.