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How to Choose the Right Tenant Insurance Coverage

May 17, 2016

You finally found the perfect place to rent.  You are in love with the area and can’t wait to move in.  There is just one last thing to do to protect yourself in your new home - you need insurance.  You are in the market for tenant insurance. 

Why do I need tenant insurance coverage?

This is a question many people have asked before you.  Tenant insurance is about your own protection, and the need to insure your personal belongings.  What will happen if you need to find a new place because of flooding in the building or worse? What if you leave the stove on and cause damage to other units in your building?  You don’t want to be on the hook for damages and/or harm caused to other units and tenants.  Can you imagine how much that would cost?

The following are some tips to help you buy the right tenant insurance:

Keep in mind your valuables.

There are typically two types of coverage offered for tenant insurance:

  • All Risks – all of your contents (except those specifically excluded) are covered.
  • Named Perils – covers only perils that are specifically stated within your policy.

Is your unit filled with valuable items?  Do you have possessions you are worried about? If so, then you need to have everything insured to sleep easier at night. Without the proper insurance you have nowhere to turn if your possessions are damaged in an event or you are robbed. 

Update your personal belongings inventory

Do you know how much it would cost to replace everything you own inside of your unit? At MIG Insurance we are happy to provide you with an inventory checklist so you can determine the value of your possessions.  This list should be updated annually to make sure your coverage is best suited to you.

You don’t have to spend a fortune on your tenant insurance policy, these policies are very affordable and worth every penny.  You’ll feel better knowing you and what’s yours is protected.  Contact your MIG Insurance broker today to inquire about tenant insurance. 

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