2/24/2010

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.

Related Posts:

  • Renewed Tenants Insurance TodayToday Jordan and I renewed our tenants insurance! I increased our contents coverage from $15,000 to $25,000 - and the cost only went up by $8 a year! The total was $152.  We decided it was worth it to increase… Read More
  • Insurance!I have a guest post over on Krystal's blog today, Give Me Back My Five Bucks, if you've come my way from there - welcome!  If you haven't seen my post there yet, I hope you check it out. For the last few years, I haven'… Read More
  • Updated Budget Over the last couple of blog posts I shared with you our recent new car purchase and some of the expected fuel savings that we're looking forward to.  This post is all about how much it's going to cost us to save that g… Read More
  • Auto Insurance DecreaseWhen I got home from work last night, I was pleasantly surprised to receive a notification from my Automobile Insurance Provider, AMA.  My policy renews in October and my premiums are reducing.  I'm going from $1803… Read More
  • Updated Auto InsuranceI have good news!  I called to update our auto insurance now that both vehicles are commuters - and our annual premium actually went down by $1!  Crazy!  I thought for sure it would go up, but the second vehicl… Read More

1 comment:

  1. That's exactly why I have contents insurance. I've been burgled before and didn't have it :@. Plus, like you say, I don't want to have the house burn down and be blamed for it. We have 20k insurance (which I think provides $1m coverage for the house) which costs around $350 a year.

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