You can get insurance for pretty much anything these days, from your phone to your life. That is the reason why the majority of homeowners purchase insurance policies to protect their properties. However, it does not benefit tenants in any way. Since home insurance policies cover is limited to the property only, it does not protect a tenant’s belongings inside the house. Nevertheless, renters insurance can help the tenants who want to ensure they safeguard their belongings in case an unwanted tragedy occurs. However, a lot of confusion and misconception revolves around having renters insurance regarding it being compulsory.
Have you ever asked yourself questions like, “can i be evicted for not having renters insurance?”. In this article, we will discuss the nuances of renters insurance; additionally, if you want to browse through insurance policies at an affordable price, visit Surex.
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What is Renters Insurance?
Renters insurance is a very effective and affordable tool that can protect you in case of an undesirable event that may damage or destroy your belongings. A typical renters insurance policy entails the following types of coverage:
- Insurance coverage for personal belongings
- Liability protection for the renter
- Coverage for renter’s additional living expenditures
A tenant who has a valid rent agreement can apply for renters insurance. It provides coverage for tenants subletting an apartment, single-family home, condo, studio, townhouse, etc. The renter’s insurance policy provisions may differ with different insurance companies, but the core nature remains the same.
Renters insurance is substantially cheaper than other forms of property insurance. Although the exact cost depends on the size of your property, premiums are as low as $15-$25 for a month.
How Does Renters Insurance Work?
With renter’s insurance, you can safeguard your belongings against a lot of unexpected mishaps. Your insurer will reimburse you the promised sum if you experience a financial loss due to one of the reasons listed in your renter’s insurance policy. It also provides cover against common perils such as:
- Lightning
- Fire
- Smoke
- Windstorm
- Vandalism
- Theft
- Water leakage
- Malicious mischief
However, renters insurance may not provide coverage for natural disasters like floods, earthquakes, etc. Nevertheless, you can get coverage for natural disasters with some specialized policies. With some renters policies, you can also get specific coverage for valuables such as art, jewelry, antiques, and much more.
It is best to talk to an insurance expert and gain a clear understanding of what the insurance covers before making a commitment.
Can You Be Evicted For Not Having Renters Insurance?
While tenant insurance may not be mandatory, it indeed is an excellent means to protect yourself and your belongings in a house that you do not own. While your lease agreement may require you to have renter’s insurance, a landlord can certainly not evict you for not having one. Having renters insurance is not a mandatory lease requirement.
However, if your lease requires you to have renter’s insurance, then you must have one. In case you don’t have it, your landlord may sue you for breaching the lease terms. And if proven, you may have to evict the property.
Thus, to avoid any inconvenience, it is better to thoroughly go through the lease and discuss the lease terms with the landlord well before signing the agreement. Moreover, a renter’s insurance policy is meant to protect the tenants’ interests, liability, and belongings, not those of the landlord.
What To Do If You Are Forced To Evict a Property?
If your lease agreement does not require you to have renter’s insurance, the landlord cannot ask you to evict the property, provided that you are abiding by the laws and rules of the province. However, if your landlord still presses on eviction, you can opt for legal remedies.
You can contact your lawyer or call the police if the landlord is extravagantly forceful or violent.Regardless of the situation, you should always do your best to remain calm and act professionally throughout the eviction process. Doing this will help you stay level-headed and ensure that you make the right decisions down the road.
Moreover, a landlord cannot force you to evict the property without serving an eviction notice for quit or correction even if you have breached a lease agreement clause of having renters insurance. However, it is recommended to purchase the renters’ insurance in compliance with the notice, or else you’ll have to undergo a courtroom trial.
Important Things That Tenants Should Know About Renters Insurance
Here are some essential things to know about renters insurance:
- With some rental insurance policies, you can even cover the belongings outside of your leased dwelling. For example, your insurance provider will compensate you if your laptop is stolen from inside of your car.
- You can purchase additional insurance coverage to safeguard the monetary value of high-value items like jewelry, etc.
- Some renters’ insurance policies can protect your guests too. If your guest suffers an injury while inside your home, your insurer shall pay some of their bills (only if you are found responsible for the accident).
- You can create a home inventory to ensure that you have covered everything you want under the renters’ insurance policy.
- Some replacement insurance policies provide you reimbursement for your belongings after deducting the depreciation. At the same time, other replacement policies pay you the replacement cost at the prevailing replacement cost of the covered items.
What have you learned about renters insurance?
Since immediate eviction is illegal in most provinces and territories, a landlord cannot force you to evict the dwelling right away for not having renters insurance. While the law does not compel you to have a renter’s insurance, you still must purchase it.
It protects your belongings along with your interest in case your lease agreement requires you to have renter’s insurance. Besides, it’s always better to have your belongings and liabilities covered under a suitable insurance policy to avoid further misadventures during troubling times. Talk to a professional [like Roger Butler Insurance] before deciding on an insurance plan. They will help you make an informed decision.
