Why renters insurance matters

Disasters don’t always come with warning signs. One of our Harcourts managed properties was recently destroyed in an electrical fire.

The tenants had done everything right — there was no fault on their part — but the house was lost. Thankfully, everyone was safe.

The difference between a tragic experience and a financial disaster came down to one thing: renters insurance. The tenants’ policy covered their personal belongings, allowing them to recover far more easily.

It’s a reminder that a landlord’s insurance only covers the building and fixtures, not the tenant’s possessions. Without renters insurance, tenants can lose everything, from furniture to clothing to electronics, and have nowhere to turn.

Fire safety matters, too. Tampering with smoke alarms or anything that interferes with the means of escape from fire is unlawful and can result in a fine of up to $4,000. It can also void insurance coverage. And as technology becomes part of everyday life, so does a new risk: lithium battery fires. Devices such as e-scooters, e-bikes, and even some power tools can ignite if charged incorrectly or left unattended. Always charge them on hard surfaces away from beds or couches, and never overnight.

Renters insurance is a small cost for major peace of mind. Protect yourself, your belongings, and your future — because sometimes, even when you do everything right, things can still go wrong.