Protecting your property and the risks of liability insurance should be a top priority for all renters, simply because accidents happen and we rarely see them until after the fact. An unattended pot or overflowing bathtub can cause serious damage to your device and its contents. Contents insurance protects your contents against damage caused by fire, smoke damage, water damage, vandalism, theft, and many other hazards.
What specific protection can tenant liability insurance offer?
- Content – Coverage for content in the policyholder’s unit and other personal items carried or used by the resident on and off premises. If you could turn your device upside down and shake it, anything that falls would generally be considered “content”, while anything that doesn’t is part of the building and uncovered. Content may include, but is not limited to, furniture, clothing, televisions, bedding, and tableware. Some restrictions may of course apply.
- Personal Liability – When a resident is found to be responsible for causing damage to another person’s building or property (e.g., a resident accidentally starting a fire in their room) or causing bodily harm to another person on the premises, coverage is under The policy will respond up to the limit of coverage to pay legal costs and damages, subject to policy terms and conditions and exclusions.
- Additional Living Expenses – If, as a result of insured damage, the tenant’s home is uninhabitable, or a resident is forced to move out of their home while repairs are being made, coverage under the policy will pay for the increased costs, up to the limit of insurance, incurred by the resident to a Obtain temporary accommodation in accordance with the terms and conditions and exclusions of the policy. If a resident needs to move to a hotel for a few days while their device is being repaired, these additional costs and increased meal costs for restaurant meals may be covered by the policy, subject to policy terms and conditions and exclusions.
- Other Covers – Additional covers may be available for earthquakes, jewelry, and art. Please check with your insurance broker if necessary.
Insurance may be subject to a deductible. Please check with your insurance broker for policy details.
Some renter plans offer access to value-added services direct from the insurer as an added benefit of coverage. For example, Novex Insurance Company offers Novex Assistance – a program designed to offer renters the following services:
- A telephone hotline with unlimited legal information for advice on property, landlord/tenant relationships, employment, contracts, benefits, licenses and permits, inheritance, and family law.
- Home care services include housekeeping when the property is damaged; babysitting for sick children or grandchildren; babysitting in case of hospitalization; housework after returning from a hospital stay; and visiting nurses.
Please note that home care services are subject to certain restrictions and conditions. Please ask for details.
Renter Insurance Programs
Renter insurance programs exist for a number of different types of renters, which can provide tailored coverage and pre-negotiated preferential insurance rates. These preferential rates can provide cost savings over residential rental insurance offerings.
- Building Tenant Insurance Programs – for the benefit of tenants living in specific buildings.
- Senior Renter Insurance Programs – benefiting seniors living in certain retirement homes. Specifically, may include coverage for hearing aids, wheelchairs, or scooters.
- University/College Tenant Insurance Programs – for the benefit of their students residing at specific colleges or universities.
In most cases, building owners, owners of retirement homes, or colleges/universities can get renters insurance programs for free. Due to the insurer’s ability to subrogate, the building owner can experience an improved property and liability claims experience. This, in turn, can lead to lower commercial insurance rates in the future.
Protecting your content and yourself from liability risks is a prudent step to take, whether you own your home or not. Renters insurance is a risk cover often overlooked by renters, which in many cases can provide significant risk protection at reasonable prices. Ask your insurance broker about the benefits of household contents insurance and find out how inexpensive it can be to protect your belongings and liability risk.