DO I NEED TENANT INSURANCE?
The short answer is yes. Here are a few reasons to convince you to purchase
For one, as a tenant you are liable –legally responsible – for any harm you cause to any part of your building and to others who live or visit there. For example, if your faulty toaster oven starts a ﬁre that damages not only your apartment, but also other units, you may be responsible for the damages and repairs.
You are also responsible for any damage that your visitors to the building might cause.
Then there are your possessions. You might not think that you have much of real value, but what if you had to replace everything all at once, due to ﬁre or water damage? Replacing your clothing could cost you a few thousand dollars. Even your old couch and bed might not look like much, but buying new ones would
deﬁnitely cause an unexpected ﬁnancial hardship.
When you consider what it would cost to replace everything, monthly insurance premiums look reasonable by comparison.
We find that most of our banking institutions offer tenants/renters insurance at competitive and affordable rates.