While there’s no legal requirement that says all renters need to have a tenant insurance policy, many landlords will require proof of a policy before handing over the keys. It’s also important to note that landlords often require the policy to be continuous as a condition of the lease, so you’ll need a valid insurance policy throughout your tenancy. You don’t want to get caught out in the cold because you canceled your tenant insurance policy early.
Besides all that, there are other great reasons to have tenant insurance:
Tenant insurance protects you and your loved ones from having to pay out of pocket in the event of unforeseen events such as fire or theft.
Staying covered also helps you build up an insurance history so you won’t have any difficulty getting a homeowner’s policy for if you decide to buy a house.
If someone gets hurt on your property, they can sue you for damages. We know Fido means well, but the mailman may not. Tenant insurance can cover any legal fees and damages you may have to pay.
Looking to learn more? Read our article Do I Need Tenant Insurance? for more information.