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Renters Still Need Insurance

The number of renters is increasing, especially in highly populated urban areas. With this increase, comes a decrease in people requiring comprehensive home insurance policies. However, if an accident or damage occurs on the rented property, is the renter liable to cover the costs?

Homeowners typically take out a traditional home and contents insurance policy, covering any significant damage caused to the property or personal belongings. However, renters should consider other risks that landlords are not responsible for covering, such as theft, loss or damage to personal property within the home (ex. laptops, televisions and other electronics). Additionally, if an injury occurs to a visitor on the property, or large-scale damage occurs (ie. flooding in the bathroom or a fire in the kitchen) the tenant may be liable.

If there are several tenants in one building, it is possible to save costs and share a contents insurance policy if there is stability in occupancy. Individual tenant policies may provide peace of mind for their own valuables. Additionally, tenant liability policies are transferrable between properties and can move with the tenant without affecting the total amount. A monthly fee is affordable and can save renters money in case of accident or damage. For more information, contact your broker or company agent.