Tenants insurance offers a person living in a rented house cover against losses arising from theft, fire and natural calamities, among other things. This type of renters insurance allows a tenant to protect his/her possessions during unexpected events, as landlord’s insurance covers only belongings, such as the building, fixtures and fittings. One form of tenants insurance is tenants contents insurance. Tenants Insurance: Benefits
Tenant insurance protects a tenant in the following ways: # Covers the cost of replacing his/her assets, such as clothes, appliances and furniture, in case they are stolen or destroyed. # Covers injuries suffered by other people or loss of their property when they were in the tenant’s suite. # Covers additional living expenses in case a renter needs to seek some other accommodation due to damage to the rented suite. # Provides cover if you accidentally cause damage to another unit. # Covers loss of your personal property, such as cash and jewelry, while you are traveling with the possessions. # Covers losses to the structure of the house and to the landlord’s belongings. Tenants Insurance: Types of Coverage
Although the types of coverage vary from one insurer to another, there are usually the following kinds: # Content coverage: Through this coverage, you can replace or repair your belongings if they are lost or damaged. # Liability coverage: Offers you financial backup if the building is damaged by you or your guests. Through this insurance, you can also receive reimbursements for someone getting injured at your home, who holds you responsible and files for damages. # Special coverage: You can also opt for cover for “special items,” such as cash, LCD TV, jewelry, computers, bicycles, other sporting equipment and family heirloom. This coverage would add to your premium. Tenants Insurance: Things to Consider
When purchasing a tenant insurance policy, you must consider: # The cost to replace the contents of your suite # Protection against liability claims # Items that are expensive and need special coverage # Photographs of your personal possessions # The presence of a fire extinguisher and latest safety devices # A roommate who is not a relative # The presence of a "home-based" business
These points will help you immensely to opt for the right coverage.