Just because you are living in a rental property does not mean that you do not need property insurance.

While the landlord will have insurance on the property, this insurance will only cover the reconstruction of the building, it does not cover any of the personal contents inside the building that belong to the tenant. In the event of a Fire, Flood, or Burglary, it is the tenant’s insurance that will replace your personal belongings, if you do not have tenant insurance you may find yourself replacing your property with your own money.

Further, Tenants insurance may also protect you from lawsuits that arise from your occupation of the property. For example, if you rent a house you are responsible for shoveling snow and keeping the sidewalks ice free. Failing to do so could result in a slip and fall lawsuit which your insurance can help with.

Additionally, should something that you do in your home cause damage to the landlord’s property or neighbor’s accidently, the Landlord or neighbor can seek damages against the tenant. An example is if a candle burned down the house or started a fire that damaged an apartment building. The landlord can hold the tenant accountable financially for those damages. Tenants insurance can cover some or all of this liability.

If you are renting, you need to have tenant’s insurance. If you are in a roommate situation however you must be aware that your insurance will not cover your roommate’s belongings. Each roommate should have their own insurance coverage. You should contact an insurance broker; this insurance is very affordable.

Red Deer Property Rentals is Red Deer and Central Alberta’s Premier Rental Property Management Company renting up-scale single family homes, duplexes and townhomes in all of Red Deer’s newer neighborhoods.