August is an exciting time to start thinking about the new school year. You may be living at home, moving to a new city or just moving out of your parent’s home and into your very first apartment or residence. Maybe you’re moving out on your own, or maybe you’re going to live with some friends.
If this is your first time venturing out of the nest as first-time renters, you may not be aware of the importance of having tenant insurance. Now that you are on your own, you may be thinking about your budget a little more than usual and tenant insurance may not seem like a priority and just an added cost to your bottom-line. We’ve seen far too many people go down that path only to realize the cost of not having tenant insurance is way more.
So should tenant insurance be a priority or not? We think it should be. But since going to school is all about learning, Insurego isn’t only here to warn you of the dangers of fire, theft or water damage, we are also here to educate and help you make an educated decision too. We just hope you don’t learn the importance of tenant insurance the hard way; so keep reading.
What Exactly Does Tenant Insurance Cover?
Tenant insurance, also commonly known as Renter’s Insurance, covers the cost of replacing your personal property; it also covers costs associated with living expenses if you were displaced for a period of time. On top of all of this, tenant insurance also provides personal liability coverage in the event you are sued for unintentional damages to the property or towards someone injured on your property.
My parents have an insurance policy, do I need my own insurance?
If you live on campus in residence, you may be covered under your parent’s home insurance policy, but you may not be. You should check their policy; but there are definitely limits so be sure to talk to your parents and make sure they know what and what not is covered.
Make sure they are aware of the personal liability coverages and just how much stuff you are covered for. Your parents need to know that if anything were to happen to your stuff, and, in the event you needed to make a claim, their insurance rates would be negatively affected.
Your university and college years are an exciting time to meet all sorts of new people and form new relationships. It’s also a time to branch out on your own; to pursue a potential career path and for many, it’s when you really start accumulating stuff. As a first time renter, you not only have yourself and your personal items to think about, but your friends and family as well.
Your parents may want you to be out on your own insurance, plus, it’s good for you to start your own insurance journey as many insurance providers offer loyalty discounts every year you are with them.
Do I Even Need Tenant Insurance If My Landlord Has It?
This is a very common question for first-time renters. The answer to this is that a landlord’s insurance policy is designed to cover the landlord and their property. Insurego’s tenant insurance is designed to ensure you and all of your personal property within the four walls are covered (up to your limit). Without tenant insurance, if you experience any sort of scenario that ends in you losing all of your personal items, it will be up to you to replace everything on your own— on top of dealing with the devastation of losing everything.
You may not think it is important now until you are in a situation where you are left having to replace everything from your furniture to all of your electronics and clothing, even things you don’t think about like towels, bedsheets, cutlery, plates, drinkware etc. It all adds up, every little thing you own has a cost…and you probably like nice things too.
What is Personal Liability Coverage?
Personal liability coverage – if someone on your premises accidentally gets injured or if you or someone causes damage to the building, this insurance protects you from being sued. So that time you went away for the weekend and your toilet overflowed, destroying the floors of not only your apartment but the apartment below you…you would have been covered.
What is Emergency Expenses Coverage?
Insurego’s tenant insurance also covers emergency expenses coverage. If you suddenly have to relocate from your place, the costs of moving, accommodations, food, and more will be covered, usually between 20 and 40% of the value of your contents coverage. Emergency expenses coverage takes some of the sting out of having just lost everything. Imagine losing $50,000 worth of the stuff you’ve accumulated all your life, finding yourself without a home, and then having to pay out of your own pocket for hotels and food? Trust us, it sucks.
Why Should You Invest In Insurego’s Tenant Insurance?
This investment will be one of the best decisions you make for yourself and your personal belongings as these are not things you should ever take unnecessary risks with. With Insurego’s tenant insurance your personal belongings are protected, and you are protected from crushing legal liability. When given the choice between any scenario, you should always choose Insurego’s tenant insurance.
Let us protect you and your things. You have enough to worry about in your classes! Get a free, no obligation tenant insurance quote by going here!