July 31, 2015 Why Get Tenant’s Insurance
Emerald Management & Realty Ltd. oversees properties in Calgary and surrounding areas in Alberta. In addition to working with property owners, Emerald Management & Realty Ltd. assists with the leasing to assist prospective tenants to get them set up in a new rental situation.
One important part of getting an apartment is purchasing tenant’s insurance. While some people may be hesitant to purchase this type of insurance, thinking that they don’t need it or it won’t benefit them, there are several key reasons why this tenant’s insurance is important. For example, if a fire breaks out and destroys the tenant’s possessions, the tenant will not have financial help replacing those possessions if he or she does not have tenant’s insurance. This is because the landlord’s policy does not cover the tenant’s personal property.
Additionally, if a tenant accidentally damages the building, he or she may be held accountable for the amount of the repairs, whether those repairs are for the unit he or she lives in or for other areas of the building, such as neighboring apartments, that were affected. In addition, if other tenants have their property damaged due to such an event, the tenant who caused the event would be the one held personally responsible for replacing the damaged possessions. Therefore, for financial protection and to meet the obligations of their lease agreement, getting tenant’s insurance is a good idea and a small price for peace of mind.
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