What is home insurance for tenants?

East, west, home’s best – especially if you’re insured. If you’re moving into a rented place and wondering whether it’s worth your while to get tenant insurance, the answer is a resounding, yes. It’s just as important as accessibility, price, and privacy. (if not more important.)

Tenant insurance policies vary from one company to the next, but they generally include two basic kinds of coverage: Home contents and liability.

Home Contents Coverage

We all shop for our homes, it’s difficult sometimes to leave our spaces bare. Over time we accumulate things, furniture, electronics and maybe even some valuable designer bags and shoes. We like to invest in the spaces we live in, and that’s normal, but did you ever think about protecting your living sanctuary and belongings? Is relying on your landlord’s home insurance enough? Well, we wouldn’t be talking about this now if it isn’t of any value. Tenant insurance is a policy that provides coverage for the things you bring into your homes, such as furniture, electronics, garments, and any other personal property and things you own.

It’s true that not everything can be replaced by insurance, but to have the financial capability to rebuild and restore whatever you lose puts you in a better position when something unexpected happens.

With FWD, you’ll also be covered for alternative accommodation expenses and the cost of storing home content for you and your family because you cannot continue living on the premises due to an unfortunate insured event. Try to think of this as an emergency staycation than an evacuation.

What exactly is an “insured event” for home insurance? Here’s a quick overview since you are going to encounter this term more often in this topic.

FWD refers to “Insured Events” as:

• Fire, smoke, lightning or explosion.
• Being hit by a third party object.
• Theft or attempted theft accompanied by forcible entry.
• Bursting or overflowing of domestic water tanks or pipes in Your Home.
• Any natural disaster.
• Riot, strike or malicious act by others.

Liability Coverage

You’ve got your stuff covered, but what happens if you accidentally cause damage to your landlord’s property? Legally, you are responsible for any at-fault damage to the building as well as home contents. Say you happen to ruin your landlord’s kitchen cabinetry in a cooking disaster? Well, tenant insurance won’t cover the burnt food, but it sure does offer liability protection and the cost of replacing or repairing the damage.

What does liability protection mean: If the landlord is very upset and decides to take legal action, you’re protected.

Cost of replacing or repairing the damage is exactly what it says, but with FWD Home Insurance you won’t even have to worry about the workmanship. As a bonus measure, if there’s any defective work done, we’ll guarantee any repairs or renovations done by FWD’s recommended contractors for up to 6 months from the date of completion. Still, try to be a little cautious in the kitchen, but if you want to be the best master chef in the neighborhood, at least you have your back covered and guaranteed.

Don’t let your concerns get in the way of doing the things you love – protect your home and your peace of mind! So, before you sign the tenant lease agreement, get an FWD Home Insurance quote from us! Even with a modest budget, you can get customizable and affordable coverage that’s right for you!