Tenant Insurance: What Your Landlord’s Insurance Covers, and What it Doesn’t

Renter's Tenant Insurance
Nov 15

As a tenant, you may think that your landlord’s home insurance or condo insurance covers you fully, but that’s not true. Yes, as a renter you don’t need to worry about fixing certain things because much of that responsibility is your landlord’s, and you don’t need to worry about home or condo insurance because that is also the landlord’s responsibility. However, your landlord’s insurance and responsibilities are limited, so as a tenant who rents, you’re not completely covered.

What Your Landlord’s Insurance Does Cover

Your landlord should have house or condo insurance, yes, but that insurance mainly only covers the home/building structure itself. This insurance is meant to protect the home or condo building in case of major damages like those from fires, natural disasters, major leaks, etc., and is meant to cover the landlord’s expenses in fixing the damages or re-building.

If the landlord lives in the same home, like when the landlord has a basement suite that they rent out while living upstairs for example, then the landlord’s home insurance may also cover the personal belongings in the home like furniture, electronics, etc. However, this aspect of a landlord’s insurance will only cover their own personal belongings. This may cover the furniture in a tenant’s suite, but only if the suite was already furnished with the landlord’s own furniture; which is not always the case.

What A Landlord’s Insurance Does NOT Cover

As a renter and tenant, it’s important to know what your landlord’s home or condo insurance doesn’t cover.

A landlord’s insurance will usually not cover your personal belongings. So, if they are stolen or if something like a fire, natural disaster or water leak causes damage to your belongings, the landlord’s insurance will usually not cover the cost of replacing these items because they don’t belong to the landlord.

A tenant or renter will also not be covered by a landlord’s insurance if they need to find a new place to rent during repairs or renovations. This is a common scenario if the unit suffers considerable damage that makes it unlivable.

Renter's Insurance for Personal Belongings

Why Renters Need Tenant Insurance

Renters will want to seriously consider tenant insurance for a couple of main reasons. First, tenant insurance will cover a your personal belongings like furniture, clothes, and electronics. Tenant insurance will also help cover the cost of living somewhere else if the you’re displaced. A renter’s tenant insurance will cover these two large expenses if there is a theft, or if there is significant damage from something like a fire, natural disaster or water leak. With the possibility of the costs of covering these damages and expenses easily getting into the thousands or tens of thousands of dollars, we can begin to see how valuable a renter’s tenant insurance can truly be.

Free Quotes On Renter or Tenant Insurance

Tenant insurance for renters can be quite affordable, especially when considering the potentially large expenses it can cover. If you’re interested in looking at some tenant insurance quotes we highly encourage you to work with one of our brokers today. We’d be happy to present you with a free quote for tenant insurance. Contact us today for a free quote!

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