Whether you own your home or rent an apartment, you need protection in the event of a loss. Both home insurance and rental apartment insurance can pay you for such damages, but what is actually covered differs between these two types of insurance. Do you need to protect your tenant’s personal belongings? As a renter, would your landlord pay to replace all your personal property in the event of a loss? If you rent from a landlord, rent out to tenants, or own your home, understanding the difference between these two types of insurance services can be helpful. Talk to a TSG Insurance agent in Calgary, Medicine Hat, or Brooks. Discuss your needs and make sure you are fully covered.
Rental Apartment Insurance
As a tenant, you may think you do not need any type of rental insurance. You might even think your landlord is required to safeguard you and your possessions. That is not entirely true. Consider these basics of tenant (or rental) insurance:
- Coverage on all of your personal property in the event of loss or damage because of theft, flooding, or fire.
- Liability coverage for those accidentally injured while in your residence.
- No coverage for the property itself. That is up to your landlord to protect.
- Some landlords will not rent to a tenant that fails to obtain rental insurance.
- Premiums are much less expensive than home insurance since they only provide protection on personal property.
No matter if you live in your home or if you rent out your home, home insurance is critical. Part of your financial planning should include adequate coverage for not only the possessions within but also the structure itself. Here are the basics of home insurance:
- Coverage for your personal property, and the replacement cost of the building itself from events such as fire, flood, or theft.
- Liability coverage in the event someone is injured while on your property or in your home.
- No coverage for the personal property of tenants when you rent out your home. It would only cover the real estate and building, not the contents within.
- Some mortgage companies require a homeowner to obtain home insurance before they lend money.
- Premiums are more expensive in comparison to rental insurance as they safeguard much more.
Get the Right Coverage When You Talk to a TSG Insurance Agent
Avoid assuming what home or renter’s insurance will cover. Speak with an experienced broker at TSG Insurance. We are glad to discuss the best coverage and policies for your situation. For over 30 years, TSG has served the Alberta area to protect homes, possessions, cars, and lives. We work with a variety of established insurance companies to find you the right coverage you need at a price you can afford.
Reach out to us online, and we will respond as quickly as possible. Also, please feel free to call us toll-free at 800-830-9423 to book an appointment at one of our convenient locations in Calgary, Brooks, Medicine Hat, Edmonton, or Bassano.