You’ve FINALLY done it; you’ve found your NEW rental space! You searched for months, looked at hundreds of listings, and you’ve finally found the PERFECT one. Once you’ve signed that lease, it’s time to look at tenant’s insurance! Insurance isn’t only for those that own their home, it’s also a great way for renters to protect their belongings and themselves. While your building owner might have insurance that protects them and the building, your items (like your laptop, family heirloom, or clothing) may not be covered in the event of a loss.  

 

Tenant Liability Insurance Explained

You may be wondering “What does tenants insurance cover” or even “What IS tenants’ insurance”? Rest assured; the answer is simple! Tenant Liability Insurance is insurance that covers you if someone is hurt or injured unintentionally while at or in your home. It also covers you if you’ve damaged someone else’s property or belongings and as a result have to pay for the damages.  The terms “Renters Insurance” and “tenant insurance” are used interchangeably when talking about insurance – either way, the purpose remains the same.  

 

How Liability Insurance Works 

When you have tenant’s liability insurance you are protected from having to pay for damages that are a result of someone being hurt or injured unintentionally while at or in your home. Without liability insurance, you would be liable for paying the damages. Generally, liability insurance provides up to 1 million dollars of coverage but more can be added for additional fees. You can get a free tenants insurance quote any time – try it today!  

 

Who Needs Tenants Insurance  

Simply put, tenants need tenant’s liability insurance. When a building owner has insurance coverage, it generally does not protect the tenant’s unit or tenants’ belongings. If you are living in a rental unit that is insured by the building owner it is a good idea to get your own policy to ensure that your items are properly protected. In the event of a loss, your building owner may not be responsible for replacing your items, and those include things like your expensive watch, engagement ring, laptop, or clothing.  

 

How Cayuga Mutual Insurance Can Help 

You may not own your own home, but your peace of mind is just as important to us 

At Cayuga Mutual Insurance, our Tenants Insurance protects and provides: 

  • Your Personal Property 
  • Your Personal Liability 
  • Additional Living Expenses in the event of a claim 

 Don’t be caught unprepared, you have choices to protect yourself. To learn more about the various coverages, visit the coverages section or speak to your professional agent!