Importance of Tenant Insurance
Having tenant insurance is an important part of any tenancy. Tenant insurance will ensure the security of the tenant’s property in case of any unintentional harm to the property or to a guest visiting the property. This could be essential in covering significant costs in case an insured loss occurs. Further, proof of and maintaining tenant insurance is an important obligation under Emerald Management & Realty Ltd.’s residential tenancy leases.
In accordance with our lease agreement and the Residential Tenancy Act, the tenant is legally responsible for any damage they may cause to any part of the building or people in it. For example, if a toaster becomes faulty and starts a fire, that could cause damage to the unit, but also to the building. If this happens, the cost of the damages could be the responsibility of the tenant. These types of events quickly become very costly and exactly the reason tenant insurance is required as it could save the tenant from having to pay a large sum of money in repairs and damages (and/or liability to others and the property).
Another simple reason for needing tenant insurance is that the tenant’s belongings aren’t covered by the building’s insurance policy. If you think: “Well, I don’t own that much, so I’m not worried about it; I don’t need to get it,” its important to know that emergency repairs add up quickly and if you don’t have insurance, you also won’t be covered for additional living expenses if you have to be out of your home for even a day … or longer. Expenses add up quickly.
If you are a client of Emerald Management & Realty Ltd., and unsure where to even start looking for Insurance … we can help! We have partnered with Nuera Insurance so that our tenants can get the best coverage at preferred rates. To find out more about tenant insurance, visit our website here or contact our office at 403-237-8600 and ask for information about our discount code with Nuera.
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