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Contents Insurance for Tenants Explained

Contents Insurance for Tenants Explained

Insurance is one of the those expenses that everyone has and no one likes to pay, and while car insurance and medical insurance are usually not forgotten, contents insurance for tenants is just as important and often also required. Here is everything you need to know about contents insurance if you rent a home or apartment, and how to find the policy that is right for you.

Types of Insurance for Renters

Like most categories of insurance, there are several types of tenants insurance. In general, all renters are required to have insurance that would cover damage done to the property in the case of accident, natural disaster or a break-in. It is also a good idea to have liability insurance which protects you from damage done to your property by a guest or other individual, as well as protects you should anyone injure themselves in your rental unit. This can include delivery or maintenance personnel, as well as clients or guests. While all these types of tenants insurance are important, in most cases you are at the very least required to have contents insurance for tenants, and it is included as a requirement of contract on most rental agreements.

Do I need Contents Insurance for Tenants?

If you rent your home or apartment then you need contents insurance. Like other types of home insurance it is intended to keep you protected should anything happen to your home, and in the case of a renter you want to protect your personal belongs. This includes expensive items such as furniture and electronics, or valuables such as antiques and jewelry, as well as items that would add up to a large expense to replace such as clothing. Contents insurance for tenants covers loss of items for a number of reasons such as fire, flood or theft, though it is important to note that there are a number of different types of policies in this category. Make sure that you find a policy that covers loss of all the items you would need replaced in order to keep yourself covered. It is after all, what insurance is for.

How Do I Find the Policy That is Right for Me?

Finding the right insurance policy can seem like a lot of work, but why waste time and money on a policy that does not serve you or your family’s needs. There are a number of organizations that offer contents insurance for tenants, such as banks and other financial organizations, as well as companies that specialize in insurance. There are also insurance brokers who are independent insurance experts that can offer you a number of policies from a variety of companies and institutions that have business arrangements with that particular broker. If you are not really sure of the type of coverage you are looking for or need, then an insurance broker may be the best choice for you. They can help you find the policy that can fit your budget while still offering all the protection you need.

Making a Claim

If you have contents insurance for tenants and need to make a claim, or want to know what factors surrounding a claim you should be looking at for your policy, there are a few things you should consider. The first is to know your policy. This ideally is something that you should do even before purchasing a policy, but it is especially important before making a claim. Most insurance policies have a deductible, and this is the amount you must pay out of pocket first before the insurance company will cover your expenses. This means that if you are claiming $2000 in damages, and you have a $500 deductible then you will receive $1500 from the insurance company. Knowing this amount, and choosing a policy with a deductible you can afford is important. In general, the higher the deductible, the lower the monthly premiums. It is also important to consider whether your premiums will go up after a claim or not. There are many policies that do not increase premiums for a claim, but getting the details before will help you determine whether a claim is necessary or not.

Contents insurance for tenants is not only important for protecting your personal belongings, but is also in many cases required by law. With a little research and a bit of shopping around you can find a policy that is right for you and also at the right price.