You Can’t Get Into Your Building…So What Now?
If you are renting your apartment, condo or house, you may think ‘I really don’t have a lot of stuff, I don’t need tenant insurance.’ The reality is, you probably have more stuff than you think. Unfortunately, most people who think it’s beneficial to save the cost of tenant insurance and refuse extra insurance coverage tend to focus on what they don’t have, than what they would have with a tenant insurance policy.
Tenant insurance not only helps cover your personal belongings within your place in the event of a loss, Insurego’s renter’s insurance also includes personal liability coverage and additional living expenses.
What falls under ‘Additional Living Expenses’ you may be wondering?
Like the scene from the movie Fight Club, imagine you come home from work and there has been a fire or gas leak at your apartment building. Not necessarily your unit, but your apartment and the fire department has said nobody is allowed in or out of the building.
Or imagine your neighbour’s condo floods and badly damages your unit’s hardwood flooring. Your landlord is covered for the damage to the unit and their insurance will pay for the repairs, but what if you can’t live in your unit until the repairs are completed?
The above scenarios are just a few examples of times you may not be allowed into your unit for an extended period of time. So if there is ever an event in which you are unable to enter your building, what happens to you now? Those without tenant insurance coverage will have to pay out of pocket for all expenses incurred while living away from their unit. Hotels, motels, hostels or dorm rooms all cost money, and we all know how expensive it is to eat breakfast, lunch and dinner at a restaurant.
With tenant insurance, your temporary living situation could be covered because those with insurance could be set up in a hotel and have their other expenses covered like meals, storage – even moving expenses.
With Additional Living Expenses, when you have to leave your home due to an emergency, this insurance will help you maintain a reasonable living situation by covering additional costs you wouldn’t normally have to cover. However, it is not intended to set you up in a “better” situation than you were in before. If you are relocated to a place that does not have access to a kitchen, eating in restaurants could be covered. If you are relocated to a place that has a kitchen like your home did, the insurance policy most likely will not cover the cost of groceries. Groceries are a regular living expense you were already paying for. It should be noted that Additional Living Expenses only covers the increased cost of living as a result of being displaced.
With everything keeping us so busy in our lives, as renters, we don’t always think about what would happen if we were physically forced out of our homes due to an unforeseen emergency or situation. Tenant insurance is not something that should be taken for granted. It is better to have it and never need it, versus needing it and not having it. It can make an extremely stressful situation a lot less stressful for those with insurance coverage. To learn more about your Additional Living Expenses coverage and how it can help you out in an emergency, contact us today.
You can also get tenant insurance directly from Insurego and be insured instantly. We’ll even email you your proof of insurance with all your details, so you can share that with your landlord who may require proof of liability coverage. We even have renter’s policies for roommates too.
Just head over to our tenant insurance page for more details.
*Please note, this article is not intended to be advice. The best advice this blog will give is to call your Broker for advice.