A tenant can decide to rent or lease a condo for a specific period of time. The value of a tenant’s belongings in most cases is how to determine as to whether the tenant will choose a renters insurance or not. Renters insurance, also known as tenants insurance, helps to protect the personal belongings of the tenant from any calamities. In most cases, a tenant pays the insurance company a monthly fee to protect their personal belongings.
A renter’s insurance covers personal property against damage, theft or from accidents in the condo. A renter’s insurance cover protects personal belongings in which case it replaces stolen or missing property and repairs damaged property. In cases of a possible displacement, a renter’s insurance provides alternative accommodation for the tenant. This insurance will also cover for any legal fee a tenant is liable to because of a suit against the condo by a third party.
Renter’s insurance cover is important for tenants who have valuable belongings because if anything should happen to the belongings and they go missing or get damaged, it will be hard for the tenant to get back on their feet. An insurance cover will come in handy to compensate for the lost items.
A renter’s insurance protects a tenant from the following conditions:
- Theft and burglary
- Smoke and fire
- Aircraft damages
- Mob rioters
- Bodily injury
- Electrical surges
- Living expenses should circumstances force an evacuation from the condo
Before choosing a renters insurance policy, a tenant should factor the value of their belongings and opt for an insurance agent that provides the items in place of cash.
What does Renters Insurance cover?
- Personal belongings of the tenant regardless of whether they were staying at the condo at the time of the incidences or whether they were away from the condo
- Apart from protecting the tenant’s property, Renter Insurance coverage also covers personal belongings of guests visiting the premises.
- In cases of natural calamity, Renter Insurance coverage provides an alternative source of accommodation and caters for the living expenses of the tenant until a permanent solution is put in place.
- Renter Insurance protects against liability should a third party get injured at the condo and they decide to sue the tenant or condo owner for compensation.
- Renter Insurance cover provides medical coverage for any person who visits the condo with the owners knowledge and falls sick while in the perimeters of the condo. The medical costs are however covered up to a certain limit.
Unfortunately, some tenants always make the presumption that they are automatically insured under the condo owner’s insurance. A condo insurance covers the interior structure of the condo, cabinets, bathroom fixtures. A condo owner insurance basically covers what is in the four corners of their single unit. Tenants should therefore take a renters insurance policy to shield themselves from liability suits and to protect their valuable belongings to save them the costs of starting all over again.