You’re done school, have a steady job, & are finally headed out to be on your own. Exciting times! Living independently (or maybe with a friend to help with the rent) is the dream of every young person – and probably their parents as well!
Please remember though, when you are making plans to furnish your new space & stock the kitchen with groceries, to talk with your insurance broker about Tenant’s Insurance.
Tenant’s Insurance is important but sometimes overlooked. For a reasonable price, you can purchase a policy that will protect you in 3 ways –
- Your things. Your stuff. A tenant’s insurance policy responds to replace your personal property when it is lost or damaged by fire, theft, or other covered peril. Even if you think you don’t have much ‘stuff’ and it’s not worth much, consider the expense to replace all your clothes, kitchenware, various electronics, sports equipment, etc., with new items in the event of a major fire in your apartment building. Your insurance coverage can cover that replacement cost.
Costs you Incur While Your Home is Being Repaired
- Your Tenant’s policy includes coverage for Additional Living Expenses. For example, a fire in your suite may put you out of your home while repairs are being made. Additional costs associated with this are covered.
- As a tenant, you can be legally responsible for any damage or injury you cause to your suite, the rest of the building, and others who live or visit. Your tenant’s insurance provides coverage, subject to policy limits, if you are sued in this circumstance. Coverage is also in place for you to defend yourself in such a lawsuit.
One extra thing to consider – if you are a full time student away at post-secondary school, your parent’s home insurance may provide some coverage. Best to check with your insurance broker to determine if this is the case, & to what extent coverage applies.
You’re on your own – you can come & go when you want, eat & sleep when you want. Enjoy your independence, and don’t forget to call us about buying that Tenant’s Insurance.
By the way, your parents called & they’re coming for a visit – don’t forget to pick up your stuff!