Renters insurance
Protecting your assets and third-party liability risks should be a top concern for all tenants simply because accidents do happen and we rarely have visibility of them until after the fact. An unguarded pot or an overflowing bathtub can do great damage to your unit and its contents. Renters insurance covers your contents against loss caused by fire, smoke damage, water damage, vandalism, theft, and many additional perils.
What is the specific protection that renters insurance can provide?
- Contents – Protection for the contents of the insured’s unit and other personal belongings that the resident carries or uses on and off the premises. If you could turn your unit upside down and shake it, what falls would generally be considered “contained”, while what does not fall is part of the building and is not covered. Content may include, but is not limited to, furniture, clothing, televisions, bedding, and dishes. Of course, some restrictions may apply.
- Personal responsibility – If a resident is found liable for causing damage to someone else’s building or property (for example, if a resident accidentally started a fire in their room) or caused bodily injury to another person on the premises, the policy coverage answer to. up to the insured limit to pay legal expenses and compensatory damages subject to the Terms, Conditions and Exclusions of the policy.
- Additional living expenses – If as a result of an insured loss the tenant’s unit is unfit for occupancy or a resident has to move out of their unit while repairs are being made, the coverage under the policy will pay for increased expenses up to the insured limit incurred by the resident. to obtain housing subject to the Terms, Conditions and Exclusions of the policy. If a resident has to move into a hotel for a few days while their unit is being repaired, these additional costs and increased food costs for restaurant meals may be covered by the Policy, subject to the Terms, Conditions and Exclusions of The policy.
- Other Coverages – Additional coverage may be available for earthquakes, jewelry, and fine arts. Check with your insurance broker as necessary.
Coverages may be subject to a deductible. Check with your insurance broker for policy details.
Additional benefits
Some renters insurance policies offer access to value-added services, directly from the insurer, as an added benefit of coverage. Novex Insurance Company, for example, offers Novex Assistance, a program designed to provide tenants with services that include:
- An unlimited legal information telephone helpline for advice on property, landlord-tenant relations, employment, contracts, social benefits, licenses and permits, inheritance and family law.
- Home care services, including cleaning the home when property is damaged; caring for sick children or grandchildren; childcare in case of hospitalization; do household chores upon return from hospitalization; and visiting nurse.
Please note that home care services are subject to certain limits and conditions. Ask for the details.
Renters insurance programs
There are renters insurance programs for several different types of renters that can offer personalized coverage and pre-negotiated preferential rates for insurance. These preferred rates can offer cost savings over retail market renters insurance offers.
- Building renters insurance programs – For the benefit of tenants who live in certain buildings.
- Senior Renters Insurance Programs – For the benefit of older renters living in certain retirement homes. It can specifically include covers for hearing aids, wheelchairs or scooters.
- College / College Renters Insurance Programs – For the benefit of your students while living in residence at certain colleges or universities.
In most cases, renters insurance programs can be offered at no cost to the building owner, the retirement home owner, or the university. Building owners may experience an improvement in property loss and overall liability due to the insurer’s subrogation ability. This, in turn, can lead to lower commercial insurance rates in the future.
Conclution
Protecting your contents and yourself against liability risk is a prudent step to take regardless of whether you own your home or not. Renters insurance is risk coverage that is often overlooked by renters and which, in many cases, can provide significant risk protection at reasonable rates. Ask your insurance broker about the benefits of renters insurance and learn how little it can cost to cover your belongings and the risk of liability.
