When you are renting an apartment or house from someone, you might assume that the landlord carries adequate insurance for the premises and you do not need any tenant insurance. While it is true that your landlord should have insurance, it only covers their property. In case of water or fire damage to the house, the landlord will be compensated for the damage, but your household items and personal belongings would not be covered. Therefore, it is advisable to buy tenant insurance in Edmonton, in order to be protected in case of a disaster. Your household items and personal belongings cost a lot of money, so do not take any chances. Actually, some landlords insist that all their tenants should buy insurance.
Tenant insurance combines two different kinds of insurance into a single policy. One part is the personal property insurance and the other one covers you in case you or your guests cause damage to the house or personal injury to one another. However, keep in mind that the policy will not pay for intentional or malicious damage such as kicking a hole in the wall. It will only cover accidental damage caused by you, or a member of your family. For instance, if your child plays with matchsticks and the building catches fire, you could be held accountable for the damage. In such a case, your landlord could sue you so that you have to pay for the damages. But, with tenant insurance in Edmonton, you will not have to pay out of pocket.
Ask for quotes on a tenant insurance policy that covers everything. These policies cover all perils, including vandalism, smoke, fire, and wind damage. You will find that some of these policies do not cover earthquakes or floods. However, you can buy a separate insurance policy or add a clause to your tenant insurance policy to make sure you have everything covered.
When buying tenant insurance you should consider the cost of replacing your household items and personal belongings. The best way to determine how many “items” you have is to take a video of everything when moving. Write down the cost of each item and sum everything up to get an approximate amount of insurance. The photos of your belongings might be very helpful in case of a tragedy.
If you are not sure how to go about buying your tenant or life insurance, seek the help of an insurance broker. These experts have knowledge and many years of experience in this industry, so they will know how to get you a good insurance policy that suits your needs. With an insurance broker by your side, you are sure to buy the right insurance policy.
However, you have to choose a reliable insurance broker to benefit from them. If you have not engaged these experts before, ask for recommendations from your friends, relatives and colleagues. Those among these people who have used an insurance broker to buy tenant or life insurance before should be able to give you valuable recommendations. An online search is also a good way to find a reliable insurance broker to help you when buying tenant insurance in Edmonton.