Let’s look at an example that is most likely to happen. What if your neighbor starts an apartment fire because they left their cooking unattended for a few moments? This fire may damage your entire unit and property. Without a tenants insurance cover, you are most likely not going to get any form of compensation. If you and your neighbor both have the tenant’s insurance cover, then the cost of repairs could easily be compensated. If either of you also experienced any property damage, then you could be compensated too.
It is therefore clear how a tenant insurance cover comes in handy and may really help you escape a tight fix. It may not be a requirement by law, but I highly recommend you to get one today.