If you rent a house, apartment, condo or perhaps even just a room, you might want to consider getting an insurance cover tenants . Depending on your lifestyle and what you have accumulated, you may not think that there is value in such coverage. And maybe you do not have a lot of expensive things, but imagine having to replace your furniture, clothing and computer all in one shot
But here are some other things to consider :?
- Your homeowners insurance does not cover your personal belongings such as furniture, electronics, jewelry and sports equipment, etc., in case they are lost or damaged in damage fire, theft or water
- If you cause damage to your property owners (whether accidentally or not) you are responsible for the cost of the fix. For example: you have a party in your apartment, too many people and show your toilet overflows causing damage to the unit below. You may be held financially responsible for costs to repair damage resulting from this.
- Also if you are on the lease you may be held legally responsible, even if a guest at your rental home causes the damage.
- tenant insurance protects you against the cost of damages you may accidentally cause others. For example: you throw another party in your rental and travel guest on a floor mat, even if it was accidental your guest can potentially sue you for damages
- The cost to replace items damage can far exceed. the cost of renter's insurance. Consider this: the average policy is as little as $ 15 / month in Alberta while the cost to replace the goods in an average one-bedroom apartment is over $ 20,000
- If you have car insurance , you may qualify multi policy discounts that could make your tenants actually free policy (ask your broker!)
There are two basic areas that renters insurance covers
- responsibility (protects tenants if they or their guest (s) damaged the property owners)
- cover contents (refers to the replacement / repair of the lost or damaged property )
If you plan tenants insurance, here are some features to talk with your broker:
- liability coverage
- additional living expenses
- replacement cost
- theft / vandalism
- duty
- provided coverage items (eg jewelry)
As always - before signing on the dotted line, you have your insurance broker to review the whole policy. If there are sections you are not clear or cause confusion, you are your broker to explain again. It is important to ask questions when you do not understand (sometimes insurance professionals are caught in the gibberish and forget that everyone knows insurance!)
At relatively low cost, the renters insurance can not only offer protection but also peace of mind.
0 Komentar