Why Renters Need Insurance – Tips from Your Local Insurance Company

Most homeowners know that insuring their property and belongings is necessary. However, many renters do not assume the same responsibility. This can be a major error that could cost you much money and aggravation. If you experience a theft or disaster in your rental home, you should be able to recover your losses in the same way that a homeowner would. When you purchase renter’s insurance, you can do that. At TSG Insurance, we want our customers to enjoy peace of mind, and we can help you achieve that as a tenant.   

5 Reasons to Consider Renter’s Insurance

If you are renting a property, the right insurance could spare you from losing time and money. The following are some of the top reasons renters should purchase suitable insurance:

1.    You can recover property loss. Most leases have clauses that limit or completely deny liability on the part of the landlord for their tenants’ property losses. If the plumbing has a leak and causes water damage, or a fire destroys your belongings, your landlord will not likely be required by law to pay for your losses. This is also true if there is a break-in and your possessions are stolen. If you want to be compensated for such losses, purchasing an insurance policy is the best pre-emptive action you can take.
2.    You will be covered when you travel. Tenants are often surprised to discover that their renters’ policies may also cover their belongings when they travel. Because the possessions themselves are covered by a typical policy, that includes compensation even when the possessions are damaged or stolen outside of the home.
3.    Your liability may be covered. Many policies cover liability as part of the package. This means that if someone sustains an injury while they are in your home, you would not be responsible for paying the damages. Instead, your renter’s insurance would cover the related medical and legal costs of such an unfortunate incident.
4.    Your landlord might require it. An increasing number of landlords now require tenants to purchase insurance. From their end, the liability and hassle are greatly reduced if their tenants have insurance. This also decreases dissatisfaction on the part of the renters. Always read the terms of your lease because if the lease states that you must have renting insurance, you will need to purchase it to remain compliant.
5.    It is surprisingly affordable. One of the main reasons that many renters do not consider insurance is that they believe they cannot afford it. In fact, most renters’ policies may cost less than the amount of money that countless Canadians spend on beverages from coffee shops every month.

Consult a Representative of TSG Insurance About a Renter’s Policy

Whether you own or rent your home, insuring its contents is important. Do not wait until a disaster occurs to make this decision. By purchasing renter’s insurance from TSG Insurance, you will be confident in the fact that you and your visitors are covered.

Contact us online, and we will get in touch with you as soon as possible. You may also reach us toll-free at 800-830-9423 to make an appointment. One of our representatives will be happy to discuss insurance quotes from our Medicine Hat, Calgary, Brooks, Bassano, or Edmonton location.

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