Wednesday, 10 February 2016

Are Tenants Covered Under My Red Deer Home Insurance Coverage?

As a landlord (or landlady) you have the responsibility to make sure that your tenants are happy and well taken care of. But does your responsibility also extend to make sure that they are properly covered? A common question among home owners in Red Deer is this one:

Are my tenants also covered under my home insurance coverage?

While there is no "one-size-fits-all" answer to that question, we can tell you that in most cases tenants are not covered under the home insurance policy of their landlady or landlord. While it is true that spouses, children and sometimes even employees are covered by this policy, tenants usually have to purchase separate renters insurance policy.

So how do you know whether this also applies to your insurance policy? Reading through it is a good idea, as is giving a call to your insurance company. If you don't currently own a Red Deer home insurance coverage but plan on purchasing one in the near future, then you could always rely on the help of a broker to help you take care of such things.

Also keep in mind that if you own a house and are renting it out, your standard Red Deer home insurance policy might not be enough. You might want to consider purchasing additional coverage such as a liability insurance policy or any other policy that specifically targets rental property.

Of course though, we are only talking from experience so do take our word with a grain of salt. If there is one thing for certain though, it's that research always goes a long way. So don't hesitate to do some before doing anything that could land you in legal trouble!

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