Manypeople agree that insurance is vital for everyone. From life tomedical insurance, there is need to be covered to protect a personand their loved ones from losses that may occur in the case ofemergencies.
What many people tend to ignore, however, is tenantinsurance. To many, getting a tenant insurance is equated to misuseof money since they believe the landlord’s insurance covers the lossof the tenant when living n a rented house. This is a misconceptionsince the landlord’s insurance does not cover damages caused byaccidents on the personal belongings of a tenant. As such, tenantsare required to get their insurance to protect them from theselosses.Eventhough tenant insurance is not a requirement by law, it is essentialto have one to protect a tenant from any eventualities. The followingis the importance of tenant insurance.
1.Coversfor liability.Itis possible for a tenant to cause damage to other people’s propertyas well as causing unintentional injury to their neighbors. It couldbe the tenant’s dog biting a visitor or even causing an accidentalfire that spreads to the neighbor’s property. These situations happenwhen people don’t expect and are therefore called liabilities.
Payingfor these liabilities is always expensive. From repaying the damagedproperty to paying for hospital bills, this can be so stressing. Holding a tenant insurance is crucial since it will cover theselosses hence giving a tenant peace of mind.2.Temporaryliving expenses.
Atenant insurance cover is essential when it comes to covering theadditional costs that may arise in case a tenant has to move out oftheir home temporarily because of insured losses. When floods or firedamage a house, an insurance policy will provide temporary housing asthe home is being repaired. During this time, all the expenses aresettled by the tenant insurance policy until when they can return totheir home.
3.Protectspersonal belongings against accidents.Losingpersonal belongings as a result of accidents like fire and floods isalways detrimental to many tenants. Without insurance cover, it isusually costly to replace all these things.
Acquiring atenant-insurance will give a tenant peace of mind during this hardtime. Because a tenant-insurance covers for the losses that may occurdue to accidents. These personal belongings may include; furniture,electronics, kitchen appliances just to name a few.4.Legalcover.Thereare times when disputes arise between a landlord and the tenantconcerning the property, the tenant insurance at times can providefor legal cover for the tenant. Equally, if a tenant is injured as aresult of a fault within the property due to the negligence by thelandlord, the tenant insurance cover can provide legal support if thetenant wants to claim compensation.
5.Protectionof property while off premises.Atenant may decide to travel or go away from home for some time, forone reason or another. During this time, their property may not haveanyone around to protect it. There are risks of losing property orcoming back to find it damaged by intruders. It is thereforeessential that tenants get insurance asit will cover their property and thus saving them the stress ofgetting losses.6.Homeupgrades.
Alandlord’s insurance only covers the upgrades made by the landlord.The improvements done by a tenant are always not covered, and in caseof damages, the tenant is likely to go at a loss. As such, tenantinsurance is crucial since it will include the improvement that theymake. They can, therefore, be liable to seek compensation in theevent an accident occurs and the repairs get damaged.7.Protectionagainst theft.Theftand cases of burglary happen once in a while.
When thieves invade, orburglars get into the home of a tenant and make away with theirproperty, these possessions are usually not covered by the landlord’sinsurance. Tenants need to take an insurance policy because itprotects them against cases of theft and burglary.Withthe above benefits, people should regard tenant as vital as otherforms of insurance. This way, many people will be protected from theeveryday damages and losses.