Do you know that your landlord has no legal responsibility to replace or pay for your personal possessions? Have you considered what will happen if your personal property was lost or stolen?
As a tenant or renter, you want to make sure that your contents will be replaced in the event of a major loss. Unless you’ve purchased a Renter’s Policy, also known as a Tenant Homeowner Policy, you could incur sizeable expense to replace stolen or damaged furniture, clothing, jewelry, IT equipment and other personal property.
You could have a legal responsibility to replace an entire apartment building even though you may be renting only a small part of it. Your heating element or gas, for example, could catch fire; leading to damage by smoke, fire and water to the whole building. Or suppose a visitor slipped and fell and broke his leg in your apartment and sued you; you'd be responsible for paying any legally awarded settlement. Without a proper liability insurance, you could end up paying for a long, long time!
You need to discuss about the potential risks and select the coverage thats right for you. A specialist from Goldmine Insurance Personal Insurance can help you obtain the Tenant Homeowner Insurance that best meets your needs. What follows are some important coverage options to consider.
Personal Liability Coverage
If you are sued for causing accidental bodily injury or damage to the property of others, this is important. Tenant Homeowners Insurance protects you.
Earthquake & Flood
Most tenants' policies do not automatically cover earthquake and flood damage so it is important to know that it can be added, at a little additional premium.
Replacement Cost Coverage
In the event of a loss to your personal property, replacement cost coverage safeguards you against depreciation and pays for you to replace the item.
Cash Settlement Option
If a covered loss occurs to your personal property you can choose to receive a cash settlement, with no requirement to repair or replace the item.
If your valuables are stolen, this coverage provides protection.