Renters’ insurance, also called tenant’s insurance, is an insurance coverage that can guarantee some of the benefits associated with Home insurance, and actually it’s specifically indicated for those renting a property. In particular, it provides civil liability insurance on the tenant’s personal property, covered against risks of theft and vandalism, and against the occurrence of fires, floods, storms, subsidence, losses and explosions that in some way could damage the property of the lessee. Plus, pay the bills if the home becomes uninhabitable (some policies pay the fees for alternative accommodations to stay during property repairs). Since such insurance primarily aims to protect the tenant from damage and loss to his personal properties by providing liability coverage excluding the home, this policy is significantly cheaper than a policy for the building owners, who are not will take no responsibility for the tenant’s personal belongings.
To better clarify the coverage offered by home insurance, it is important to understand what the different components are, and the related guarantees and protections offered. If you rent a house, the house is not your property: if a wall or part of the structure falls, the landlord will have to repair it. As a tenant, you will only have to keep eyes on your personal assets protection.
The main types of home insurance cover different residential and non-residential areas: buildings, their contents or particular combinations of the two.
With a policy dedicated exclusively to buildings, the structure of the house is protected, including permanent fixtures, toilets and modular kitchens, and other types of buildings, such as warehouses, sheds and garages.
Content insurance covers all the assets included in your home: the objects usually most protected are appliances, furniture, clothes, jewelry and watches, televisions and various electronic devices.
The combined property and furniture insurance combines both in one insurance policy.
Of course, depending on the different contractual options provided by individual insurance policies, there can be many combinations of coverage, as well as a number of additions that you can get as extras. But let’s focus more on what are the basic coverage provided, after which we can extend the discussion to extra coverage.
What protections are included in the tenants’ insurance?
Theft: in case of burglary and theft of personal property from the home, it is always possible to request a refund of their value.
Fire: in case of fire and damage to your property, you can recover the costs for their replacement.
Burst pipes and water leaks: If water damage due to a broken pipe or other type of leak, you can claim the cost of your goods.
Storms: In the event of damage from storms and other weather events, the costs of the damaged content can be recovered.
Flooding: insurance covers the value of your belongings in the event of flood damage.
Land subsidence: if there is damage to the foundations of the building, which impact on the contained assets, the value of the insured objects is covered.