If you live in a high-demand area, you’ll find it’s pretty hard to find an apartment that both suits your needs and your budget. It equally as hard, on the other hand, to find tenants that won’t destroy your property during the length of their lease. To keep your apartment or house safe from potentially irresponsible renters, make sure you have renters’ insurance in place before you hand over the keys.
What is Renters’ Insurance?
Also known as “tenant” or “apartment insurance,” renters’ insurance provides coverage for the resident’s personal belongings within the rental unit in case of damage resulting from fire, flood or another unexpected incident. Renters’ insurance also covers property damage and injuries that occur while on the premises. This might be a requirement depending on the building you’re applying for, so be on the lookout for a clause in your initial agreement. While it’s not required by law, the small amount of $10 to $30 per month is encouraged so you and your personal effects are protected. Always get a renters’ insurance quote to make sure you’re getting the coverage necessary.
What’s Covered Under Renters’ Insurance?
You can expect two main elements that will receive insurance under your insurance policy: your contents and third-party liabilities. Regarding your contents, you may be asked what you want coverage for specifically, like your larger electronics, furniture or book collection, and your monthly payments will be calculated accordingly. To prevent insurance fraud, you may be required to provide an itemized list to your insurance provider. Regarding third-party liabilities, if someone other than yourself sustains an injury in or around your property and can’t earn an income, you won’t be responsible for paying their medical bills or replace their lost salary wages.
What isn’t Covered?
If you’re looking for a short-term rental agreement rather than a one-year lease or longer, then some of what’s covered in the previous block might not apply to your situation. Any damage or theft that occurs on your property won’t be covered by your insurance provider. It’s important to note that insurance providers may not allow renters to lease their property for commercial purposes when trying to obtain renters’ insurance.
Short-Term Rental Insurance?
For any short-term rental agreements, it’s a good idea to supplement any renters’ insurance policies with short-term rental insurance. Doing so provides coverage for damages to the property, theft or attempted theft, lost property, injuries to others on the property and/or loss of rental income. As different insurance agencies provide different policy options, do your research and find the best renters’ insurance quote for you.
If you’re looking to rent an apartment in Winnipeg, Manitoba, then contact Progressive Real Estate to start your journey! Our team takes pride in the apartments we show our clients, making sure they’re safe, clean and exactly what you’re looking for. Since 2009, we’ve provided the best Winnipeg apartment viewing experience for potential tenants, offering up affordable prices and re-developed units. Taking you through the entire rental process, give us a call or visit our website for more information.