Insurance Corner:
Tenant Insurance- Do you really need to insure that 4 year old sofa?
by Martha Marton

You may not feel as though you need tenant insurance. After all, you don't have that much stuff, right?

But how much would it cost to replace all of your possessions? That 4 year old sofa may not be worth much, but to replace it and all the rest of your belongings can add up quickly. Replacing your clothing alone can run thousands of dollars.

If the cost of replacing your possessions isn't enough of a reason to consider tenant insurance, what about the liability exposure? Tenants are responsible for damage done to the building by themselves, as well as by that unruly party guest. If that grease fire gets out of control and causes damage to the entire complex, you would be responsible for the damage to the building, damage to other tenant's belongings and any injuries caused a s a result.

You are also responsible for injuries to visitors and other tenants in the building. If one of your guests trips on your new end table and broke his ankle while visiting your apartment, you could find yourself facing unexpected medical expenses and even a potential lawsuit.

If your apartment is uninhabitable because of water or smoke damage after a fire, most tenant policies will also cover additional living expenses, so that you can stay in a hotel or furnished apartment while your apartment is being renovated or repaired. It could also cover additional expenses such as the cost of meals if you stay in a hotel.

If you are a student, talk to you insurance representative. If you are living away from home while attending school, it is likely that your parent's homeowners insurance will cover your possessions and your liability. Once you make a permanent move away from home, you should consider your own tenant's insurance policy.

For more information, contact Martha Marton at Tupling Insurance Brokers Ltd (705) 458- .8111 or marthamarton @tuplinginsurance.com

Tupling Insurance Brokers, 1070 Innisfil Beach Road, Innisfil, ON L9S 4T9 705.431.5585

Martha Marton, CAIB, CRM - Registered Insurance Broker