What is Tenant insurance? Tenant Insurance is also known as renter’s insurance, is a type of home insurance that you consider when you do not own the dwelling in which you live, but rather rent it. In this case, your risk is significantly lower and the home owner will carry the majority of risk and have their own homeowner insurance policy.
Nevertheless you still have a lot of things to protect even if you do not own the house. Accidents happen, and tenant insurance ensures that you protect your valuable belongings. Tenant insurance would cover the following risks (additional insurance riders might be required):
- Your personal property and belongings (e.g. home cinema, laptop, music system etc.)
- Personal and premises liability (e.g. in case you damage 3rd party property)
- Living expenses (e.g. if you temporarily have to move to a hotel)
- Special items such as jewelry, art items, collectibles, rugs etc.
- Other coverages including identity theft, sewer backup, legal protection, etc.
Normally you are also able to choose your deductible and thus somewhat influence your tenant insurance rates. Tenant Insurance is one of the cheapest insurance types on the market and rates can be as a low as $10-20 per month.
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- Include into your policy all important coverage such as e.g. sewer back up