Eight things you may not know about renting and renter insurance.
If you are at all familiar with tenant insurance, you may already know that even the most fundamental plan covers most of your personal property. If your valuables are damaged or stolen, your tenant insurance may reimburse you either their actual cash value (the amount they deserve at the time of their damage) or the replacement fee (that amount will be charged for purchasing a new one), Depending on your coverage.
But did you know that in certain cases – the tenant insurance also protects your goods when you bring them out of your home? If your laptop is stolen from your hotel room or your bike is stolen from the bike rack, they may still be covered (because tenant insurance covers theft).
2. IN YOUR CAR.
So, does that mean you're covered if your wallet is stolen from your car? In most cases, yep! While your tenant insurance will not cover any damage costs made on the car itself – that's what your car insurance for – the luggage stored in your car is usually safe.
3. CATALOG OF YOUR GOODS IN AN EMERGENCY.
If you become a victim of a break-in or fire, you will want to have an inventory of your personal belongings on hand. You can download apps like Allstate Digital Locker to retrieve and save photos from all your items, so you will know exactly what needs to be replaced.
4. PURCHASE ADDITIONAL INSURANCE COVERAGE FOR YOUR VALUABLES.
Does your engagement ring fall to the bottom of the ocean (on your honeymoon, not less), or do you leave your new digital camera at the airport? If you plan, you may be covered.
For high-value items, such as engagement rings or jewellery, art, musical instruments, or other cameras, you may want to consider buy additional coverage for those items. This will not only give you peace of mind in your home, but it can cover you if you lose or misplace the item (even if it is not stolen, as with the example of the theft mentioned above).
5. YOUR RENTERS INSURANCE CAN PROTECT YOU.
Insurance renters not only cover your stuff, but it also includes you. If guests are injured in your home (travel downstairs, for example), your tenant insurance can help pay some of their medical bills if you are found accountable, so you are not stuck outside.
6. AND FIDO.
The scope of liabilities from many of the insurance policy tenants extends to injuries inflicted by your pet. So, if you cuddly chicken Spaniel bites your mother-in-law bites or your cat taking a swipe in your nephew, your policy will help cover up the medical bill charges of the injured party. Of course, there are exceptions for these scopes, including dog breeds are considered "high risk," and many policy is different, so check your policy details before it's too late.
7. BIDDERS FOR YOUR CHILD WHO ARE PRONE TO ACCIDENTS.
With many tenants of the insurance policy, that the scope of liabilities extends to damages caused by you and others insured in your household. If your child throw a baseball through a neighbouring window, for example, or leaks your bath into the apartment downstairs, your insurance policy can help cover the cost of repairs.
8. YOUR POLICY CAN HELP YOU THROUGH A DIFFICULT TIME.
Should your home be administered years due to fire, smoke, or water damage (this will vary according to policy), you are the renter of the insurance policy will help cover some of your sensible living expenses imposed by moving to a house. This can include Hotel bills and potentially increased food costs if, for example, your Hotel room does not have a kitchen and you are forced to book takeout.