Insurance is crucial for both tenant and landlord in North Bay

By November 3, 2016Blog

People who stay in and own a home should have insurance and people who own a residential property and have given it on rent should also possess one. Tenant and landlord insurance in North Bay is important to protect both the landlord and the tenant from any kind of damage or any other unfortunate and unforeseen event. Tenant and landlord insurance in North Bay can provide a wide cover over several things. The most important cover that landlord insurance provides is against damage to the property. This is especially important in case  of theft, damage by the tenant, vandalism, etc. in the property that is rented out. Landlord insurance is also important for cover against liability. If due to some circumstances, your tenant or anyone else gets injured on your property, liability insurance can help you in coping up with the cost that may incur due to the accident. Landlord insurance can also be taken as a safeguard against losing an income source. Sometimes, the property may become uninhabitable due to damage, natural disaster,fire,etc. In such a case the insurance for landlords can come in handy for rental reimbursement. In North Bay, tenant and landlord insurance has become almost mandatory for people who are willing to rent out their properties.

Why a tenant insurance is as important as a landlord insurance

While your landlord may be relaxed with a good landlord’s insurance policy covering him, and you do not have a tenant’s insurance, you might risk losing all your possessions. If you live in a rented apartment and because of an incident like fire or theft you lose all your valuable possessions, you might not even be entitled for compensation without an insurance policy. Therefore, even if you are only a tenant, do consider taking an insurance policy. A tenant’s insurance policy may grant you cover from damage due to accidents that cause loss to you. It may also provide you cover against the damage that may be caused by you to the landlord’s property. People who live in rented houses often have to move, and insurance for tenants covers the expenses that are incurred in moving from one place to another. In case you are not too keen on paying large amounts as your policy premium, you can easily pay for a low cost tenant’s insurance which can protect your belongings against theft, vandalism and fire.

Unique solutions for tenant and landlord insurance in North Bay

In North Bay, whether you are a tenant or a landlord your insurance needs will be different from your counterparts. Some people own rental properties which are meant only for a short stay of a guest. Such people can get short stay landlord insurance. In such cases, short stay insurance can also make up for absence of income. Tenants can also avail specific insurance against certain high valued items like ornaments and artwork, which they might need to safeguard. This will obviously cause a hike in the premium, but it can come to the tenant’s rescue in case there is some serious situation.

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