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Tenant Insurance Vs Landlord Insurance | Who's Covered? | Square One - YouTube
Channel: Square One Insurance Services
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You might think that you don't need tenant
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insurance because your landlord has
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insurance. This is not true.
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As a tenant, you need to purchase your
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own tenant insurance policy.
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In fact, your landlord may insist you do
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. Both for their own protection as well as
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your own. So in today's video, we're
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going to be going over tenant insurance
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coverage, loss or damage to your personal
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belongings, unintentional injury to
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others and accidental damage to the
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rental unit.
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So what will landlord insurance cover?
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Well, in most cases, a landlord will
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purchase insurance coverage for the home
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they rent to others. An important thing
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to remember is that this insurance
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protects the landlord only.
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Not the tenant. Your landlord's insurance
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policy will cover the home for fire,
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lightning, vandalism and various other
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perils. This insurance will protect the
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building and in some cases, it may also
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protect the fixtures and furnishings that
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remain in the home while it's rented to
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you. Often included is the fridge,
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stove, washer and dryer,
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window coverings, etc.
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If you're renting a furnished apartment,
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the provided furnishings may also be
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covered by the landlord's insurance
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policy.
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There is no coverage for your own
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personal belongings.
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There is also no coverage for your
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liability under a landlord's insurance
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policy. And I'll explain on this a bit
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more later. If you don't have your own
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insurance, it's time for you to talk to
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an insurance provider as soon as possible
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and purchase your own tenant insurance
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policy. You can buy tenant insurance
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easily online at squareoneinsurance.com.
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We've included a link in the description
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for easy access.
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Even if you don't think your personal
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belongings are worth very much, think
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about how much it would cost to replace
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them with brand new items.
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You may have a table you purchase second
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hand or a couch that you found on a
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fantastic sale. Most people are conscious
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of value and everything from your
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furniture to your shoes, kitchen
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equipment and even your beauty products
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were probably purchased over time when
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you recognized a good deal.
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If there's a fire or if your home was
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vandalized, you may not be lucky enough
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or have enough time to find such good
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deals and you'll need to replace
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everything, all at once.
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It's hard to appreciate how much your
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property costs when you build it up piece
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by piece over time.
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But when a serious loss occurs, you'll
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quickly discover just how much money you
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need to replace everything.
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If you have the right tenants insurance,
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your goods will be replaced quickly and
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with new items of like kind and quality.
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This is why we recommend choosing a limit
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of coverage that will be enough to
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replace all your personal property with
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brand new items of similar kind and
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quality. And don't forget the taxes.
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This type of coverage is especially
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important if you have expensive jewelry,
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bikes or perhaps a valuable coin
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collection. A simple break-in can be
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devastating if you lose several
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high-value items. So to make sure you have
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the coverage you need, we recommend you
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perform an inventory of your belongings.
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And to help, we've included a link in the
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description below to a home inventory
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worksheet that you can follow along with.
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Once you have an understanding of the
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value of your property and the various
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types of property you own, you can
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customize your tenants insurance policy
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to protect your own unique set of
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belongings.
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Have you ever thought about liability
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insurance? If not, you are not alone.
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This is where you stand to lose the most
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money. Yet, it's something that very few
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people ever think about.
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This coverage protects you if you're sued
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for unintentional injuries or property
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damage caused by your actions.
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Or in some cases, even caused by your
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inactions.
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Let me give you some examples of when
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this type of insurance comes in handy.
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You open your umbrella on a busy street
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and accidentally poke someone in the eye.
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You're golfing and underestimate the
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power of your swing.
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Your shot flies over a hill and hits
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another golfer on the head.
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It snows and you haven't had time to
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clear your front steps.
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Someone comes up the steps, slips and
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injures their back.
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So let's take the example of the person
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slipping on the icy step.
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You might think those steps belong to the
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landlord, not me.
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And although you're right, you can bet
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the injured person will be suing the
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homeowner. But since you are the occupant
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of the premises and as the occupant, you
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have the responsibility to keep it in a
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safe condition for visitors.
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The injured person can sue you as well,
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alleging that you failed in your duty to
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properly take care of the premises that
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you occupied. The landlord's insurance
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policy will not protect you at all.
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So if you don't have tenant insurance,
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you'll be on your own to hire a lawyer,
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fund your own defence against the lawsuit
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and ultimately pay any damages in court
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if you're found negligent.
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Most tenant policies will include at least
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a million dollars in liability
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protection. In the above example, your
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tenants insurance provider would step in
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to hire a lawyer, help you defend
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yourself against the lawsuit and even pay
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certain damages if the court were to rule
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against you. This can help you to avoid
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serious financial harm in the event that
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someone else is accidentally injured on
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the premises that you occupy as a tenant.
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Most insurance policies will also include
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some coverage for tenant legal liability.
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This is not the same as the liability
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coverage discussed previously.
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Tenant legal liability insurance covers
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you for damage you unintentionally caused
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to your property you're renting, usually
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as a result of fire, explosion, water
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escape or even smoke.
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For example, you may have put a few pork
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chops in a pan to cook up for dinner and
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decide to watch the evening news.
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Ultimately, you doze off and the next
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thing you know, your kitchen is filled
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with smoke. With tenant insurance, you'll
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have coverage for the cost of repairs
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that the smoke damage caused.
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Without tenant insurance, you'll be on
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your own and to pay out of pocket to
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repair any of these damages.
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So as you can see, tenant insurance
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provides a lot of coverage for your
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personal belongings, as well as your
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liability in places where landlords
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insurance wouldn't provide any coverage.
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So if you're looking for more information
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or would like a tenant insurance quote,
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you can visit squareoneinsurance.com and
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be sure to leave a comment down below of
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your personal scenario if you have any
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questions regarding your tenant and
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landlord insurance.
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Thanks for watching everyone.
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