Tenant's Insurance

This post is for all of the renter's out there.

Landlords have very few legal obligations to compensate tenants for damage to or loss of personal posessions.  Tentants are repsonsible for harm they may cause to any part of the building where they live.

Renters insurance provides coverage for your personal possessions, your legal liability to others within your premises and accidental injury or property damage caused to the premises or arising from your personal actions. You are responsible for the damage you may cause to any part of the building you live in or to others who live or visit there. For example, a fire caused by inattention while cooking can gut an entire apartment complex. That's a lot of liability!

ama.ab.ca

Catch that?  If you, your stuff, or your friends cause damange to the place you are living - - you have to pay for it.  if the place burns down that you live in -- you have to pay for it.

Jordan and I have $15,000 worth of content insurance and $1,000,000 worth of personal liability insurance.  This covereage is extended to protect us if my horse does something stupid.  What could a horse do?  Well, she could bust through a fence, run into traffic and cause an accident.  That would be horrible.  My renter's insurance protects me paying for stuff like.  We're also covered for $3,000 for additional living expenses (should we have to leave this place for repairs or some such thing) as well as $2,500 in medical payments and $500 for property damage.

Of course - I would have to pay a deductible.

What's a deductible?

It's a sum of money that you pay up front when making an insurance claim before the insurance company's coverage kicks in.  Basically - they don't want you making a claim for small amounts - and this protects them from that.

Our deductable is $500.

so, what does it cost for all of this lovely protection?  A total of $144 - a year.  The bill is due at the end of March, and Jordan has said he'll pay this year because I did last year.  Thanks Love!

Well worth the peace of mind I'd say.

One of the reasons why I am particularly passionate about making sure we have proper tenants insurance is because a few years back - our family home lit up on Christmas Eve (that picture above is of my parents house - all of the garage burnt up and the corner and attic of the house did too).  It was tretcherous watching them go through dealing with everything - and should that ever happen to my home, I want to be prepared.