You are not legally obligated to get tenant insurance, however, a landlord may require it before renting an apartment to you. As a tenant, you could be held responsible for damages that occur to your unit. As a result, you might face steep repair expenses, on top of the costs for replacing personal belongings. While adding another expense to your monthly bills seems like a burden, the benefits of tenant insurance in the long run outweigh the costs. Here are our tips to help you save on tenant insurance so you can protect your possessions and your space.
The truth about Property insurance
Landlords have Property Insurance for the building or the house itself, but this doesn’t include coverage for the contents inside your rental unit. It is a common misunderstanding that if there is a flood or a fire that was caused by a neighbouring unit or the landlord themselves, they will cover the damages to your contents. Without insurance, you would be required to pay for the replacement costs of your contents (furniture, clothes and belongings inside your apartment) yourself.
What are the advantages of Tenant insurance?
A benefit of tenant or renter’s insurance is your policy will not be limited to the items in your apartment. Instead, tenant insurance covers three components:
- Contents insurance
- Liability coverage
- Loss of use coverage
Contents insurance covers any rental items in your rental unit. Liability coverage covers any liability that occurs on the premises, such as falls or fire/water damage. Loss of use coverage covers any temporary relocation that you may require due to damage.
You can also save by bundling your renters’ insurance with other policies at a significant discount. Visit our bundles insurance page for more information on how isure can help you save!
Tips to help you save on Tenant insurance
Getting reasonable rates is not as difficult as you may think. In fact, tenant insurance premiums are more affordable than most people realize. Plus, there are lots of ways for better savings, such as:
1. Compare quotes by shopping around
No two insurers offer the same coverage or premiums. To help you save on tenant insurance costs, speak to one of our isure representatives, who will help you compare insurance companies to find one that best suits your needs.
2. Bundle policies to save on Tenant insurance
Save even more by bundling. Get additional savings when you purchase tenant and auto insurance from the same insurer.
3. Review your coverage
It’s important to ensure your policy matches your lifestyle. Do not over-insure yourself. Avoid having too much coverage or protection you may not need. Review your home inventory list in an annual audit of your belongings. You may forget to add purchases to your inventory that need protection.
4. Ask about discounts
Renters qualify for discounts, too. Speak with your isure broker about the discounts offered to tenant policies.
5. Be claims-free
A clean slate is always best when it comes to insurance. Think twice before deciding to open a claim and never submit a claim for less than your deductible. You will always pay less if you stay claims-free.
6. Increase your deductible
All insurance has a deductible, even tenant insurance. Increase your deductible if you are in a good financial position to do so. It will help lower how much you pay long-term.
7. Get the optional credit check
If you have really good credit, it may be to your advantage to get a credit check as part of your tenant insurance quote. You can then qualify for additional savings.
8. Pay annually
If you pay for your coverage up front annually, you will save on interest and administrative fees that are included in monthly payments.
Other ways to save on Tenant insurance
9. Install a centrally-monitored alarm
If your landlord has a monitored alarm system installed or if you install one yourself, this can help with premiums. This would be one that is connected to a central station. Know that this does not include your own cameras and motion sensor lighting, but some insurers are opening up to this idea with smart homes on the rise.
10. Choose safe neighbourhoods
Insurance companies also use your postal code to calculate your insurance rates. Living where claims, accidents, theft, and severe weather occur more frequently, could see higher rates than the average. Also, being located close to a fire hydrant can earn you extra savings, as well.
11. Show some puppy love
Dog bites are actually covered under your personal liability policy, not dedicated pet insurance policies. Notify your insurer about your pets so that any future claims made related to pet-related issues aren’t denied for material misrepresentation.
12. Get the right coverage
If you have items, such as family heirlooms, engagement rings, art, or collector’s sets you may want to consider special insurance endorsements because of their value. You also don’t want them maxing out your contents coverage limit by themselves!
Remember not to take chances with your home. Utilize our tips to help save on tenant insurance today and ensure your belongings are properly protected for years to come. Speak to one of our isure representatives today to get started!