Renters Tips: Renters Insurance
Posted May 28, 2019 | by Compten Management Inc.
If there is a fire in your apartment building, are you protected?
If you remembered to purchase renters insurance, you are! Many renters don't give renters insurance a second thought because they think the landlord's insurance will cover their apartment. The truth is your landlord's insurance will cover any structural and cosmetic damages to your apartment, but it does not include your possessions!
Renters insurance is a vital part of renting because it will protect you in the case of fire or water damage, theft, liability, and vandalism. Obtaining renters insurance is easy and inexpensive, and not having it could cost you big time!
Think about all your possessions and the contents in your apartment. Now, if there was a fire and you lost everything, could you pay to replace them all at once? Not likely, but renters insurance will reimburse you for anything lost or damaged.
What if you accidentally leave the water running for a bath and the leaking water damages your neighbour's apartment below? Could you pay to replace anything they lost and fix the damages? Maybe, but liability protection will cover you, so you aren't out any money.
What if someone broke into your apartment and stole your TV, laptop, or other expensive possessions? It would cost you a lot of money to replace them. If you had theft protection, that cost would be covered.
A small amount, around $20 a month, can save you a ton of money. Renters insurance will also give you peace of mind and somewhere to turn when disaster strikes.
Obtaining renters insurance is so easy there are even online forms you can fill out for a quote. However, speaking with a representative at an insurance company is always recommended so that you can ask questions and make sure you are getting the coverage you need for where you live. Compten Management residents can purchase renters insurance from TenantSure through the resident portal.
Looking for an apartment in Toronto or Mississauga? Contact us today to view our suites, and remember, the best thing you can purchase for that nice new apartment, is renters insurance!