If you rent an apartment, a condo, a house or even a room in a detached home you should be looking at Tenant Insurance. If you own a condo or a townhome, look for Condo Insurance.
Here’s why both are well worth their premiums.
Have you installed carpeting, hardwood floors or ceramic tiles? Built custom cabinetry or counter tops? The good news is that if these were damaged somehow, their repair or replacement cost would be covered by your insurance.
Yes, it can happen. What if a friend tripped over your carpet and fell, injuring himself so he couldn’t work. While a good friend wouldn’t sue you, they would have legal grounds to do so. And, without the proper insurance, you’d be liable.
Pipes can burst, fires can spread, flood water can rise. Should your place become unlivable, insurance may cover ‘loss of use’ costs like a hotel, food and other living expenses incurred while being displaced from your home.
In heavy rainfall, sewers can back up and flood right into basement suites. That’s what makes optional water coverage so smart – it ensures your belongings are protected.