The Importance of Updating Your Tenant Insurance Policy
Don’t leave yourself vulnerable to liability – learn why you need to update your insurance policy.
As a tenant, it’s important to understand the value of having a tenant insurance policy. This type of insurance provides coverage for your personal belongings, liability protection, and additional living expenses if you are forced to leave your home due to a covered loss. However, simply purchasing a policy is not enough. It’s essential to regularly review and update your tenant insurance policy to ensure that you have adequate coverage and protection.
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Why Update Your Tenant Insurance Policy?
Life can change quickly, and your insurance needs may change along with it. Here are some reasons why you should regularly review and update your tenant insurance policy:
1. Changes in your living situation
If you move to a new apartment or rental property, you will need to update your tenant insurance policy to reflect the new address and any changes in the value of your personal belongings. Additionally, if you acquire new items or get rid of old ones, you will need to adjust your coverage accordingly.
2. Changes in your personal situation
If you get married, have children, or acquire new pets, you may need to adjust your tenant insurance policy to reflect these changes. For example, you may need to increase your liability coverage if you have a dog that could potentially cause harm to others.
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3. Changes in your landlord’s insurance policy
Your landlord’s insurance policy may change, which could impact your tenant insurance coverage. For example, if your landlord’s policy no longer covers certain types of losses, you may need to adjust your tenant insurance policy to ensure that you are adequately protected.
4. Changes in the value of your personal belongings
Over time, the value of your personal belongings may increase or decrease. It’s important to regularly review your tenant insurance policy to ensure that you have adequate coverage for your belongings. This includes items such as furniture, electronics, jewelry, and clothing.
5. Changes in your risk profile
Your risk profile can change over time, which could impact your tenant insurance coverage. For example, if you start a home-based business, you may need additional coverage for your business equipment and liability protection.
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The Consequences of Not Updating Your Tenant Insurance Policy
Failing to regularly review and update your tenant insurance policy could leave you vulnerable to financial loss and liability. Here are some of the consequences of not updating your tenant insurance policy:
Related Read: How Much Tenant Liability Insurance Do I Need?
1. Inadequate coverage
If you don’t update your tenant insurance policy to reflect changes in your living situation, personal situation, or the value of your personal belongings, you may not have adequate coverage in the event of a loss. This could leave you financially responsible for replacing lost or damaged items.
2. Liability exposure
If you don’t update your tenant insurance policy to reflect changes in your personal situation or risk profile, you may not have adequate liability protection. This could leave you financially responsible for damages or injuries that occur on your rental property.
3. Denial of claims
If you file a claim with your tenant insurance company and your policy is not up to date, your claim may be denied. This could result in significant financial loss and leave you without the protection you thought you had.
Related Read: Top 10 Reasons Why Your Tenant Insurance Claim May Be Denied
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How to Update Your Tenant Insurance Policy
Updating your tenant insurance policy is a simple process. Here are the steps to follow:
1. Log in to APOLLO’s Customer Portal
All we need is the email address associated with your tenant insurance policy and we’ll email you a one-time login code. From here, you can access our Customer Portal to update and modify your tenant insurance policy.
Related Read: How to Modify Your Policy Using APOLLO’s Customer Portal
2. Review your policy
Once you’ve logged into APOLLO’s Customer Portal, you can review your current tenant insurance policy to determine if any changes are needed. This includes reviewing your coverage limits, deductibles, and any exclusions or limitations.
3. Provide updated information
If you need to update your address, personal information, or the value of your personal belongings, you can change this information on APOLLO’s Customer Portal. This will ensure that your policy is up to date and that you have adequate coverage.
Related Read: Why You Need to Update Your Insurance
4. Review your policy annually
Make it a habit to review your tenant insurance policy annually on the Customer Portal to ensure that it still meets your needs. This will help you stay protected and avoid any surprises in the event of a loss.
Related Read: When Should You Review Your Insurance Premium?
APOLLO offers effortless tenant insurance designed to keep you and your belongings protected. Get a free quote in less than a minute and we’ll send your policy documents right to your inbox.
Looking to learn more about tenant insurance? Read our article The Pros and Cons of a High Deductible Tenant Insurance Policy for more information.
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Originally published June 8, 2023, updated April 30, 2024
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