Why You Need Tenant Insurance
As a tenant, you are legally responsible for any damage you cause to any part of your building and for unintentional harm caused to others who live in or visit the property. For example:
- If your known faulty toaster oven starts a fire that damages not only your apartment, but the entire complex, you may have to pay for the damage to your unit and the rest of the complex.
- If someone slips and falls in your rental condo, you may be held financially responsible for the cost of the injured person’s damages.
If your clothing, furniture or electronics are destroyed by fire or water damage, replacement costs add up.