Renters, or tenants insurance, is a type of insurance policy that covers renter’s belongings and their liability. Your landlord should have insurance that covers the physical property and damage that might occur there, but their insurance policy doesn’t cover your personal belongings. Your landlord’s insurance policy kicks in when there is damage to the structure itself due of a natural disaster or accident that was their fault. You as the renter are responsible for damage to your space that is caused by negligence, like leaving a bathtub running or accidentally catching something on fire with the stove.
Renters and Tenants insurance can help protect you financially against situations like this, where you otherwise might have difficulty affording to replace your belongings or fix damage to your home or apartment. This insurance can also provide you coverage for liability cases like someone being injured in your space.
If you need to take a claim, Duliban works with you 24 hours a day, 365 days a year to assist you with the claims process and any other customer service need you might have.
Renters insurance isn’t just for the large, expensive items that you’ve purchased; it’s about the small stuff, too. Imagine having to replace your entire wardrobe- that can add up! The money you’ve invested in your clothing, your electronics, your jewelry, your collector’s items, your appliances, your dishes and other kitchen equipment, your furniture, and anything else you might have in your home equals a significant investment in your life.
Renters insurance can help cover your belongings if they are damaged or need to be replaced because of an accident or disaster. Renters insurance can also help cover damage that is caused by you, such as a fire or water damage. Your tenants insurance policy could also help to cover any damages to another apartment or home as a result of your negligence.
Additionally, renters insurance can help you financially afford to find another temporary residence in case your home or apartment becomes uninhabitable for a covered reason. This kind of policy also protects you in case someone is injured on your property or files a lawsuit against you for injuries or lost wages they incurred while at your home.
Here are some of the coverage renters and tenants insurance in Ontario provides:
- All-risk coverage helps insure your building and your personal belongings for losses due to a wide range of covered causes, not including intentional damage.
- Personal liability coverage protects you against unintentional injury of a third party and damages that might occur from that accident or injury.
- Contents insurance coverage protects your personal belongings for covered perils up to a certain amount of money. This specified amount can be found by adding up the value of your personal belongings and purchasing insurance that will reimburse you for that amount in case of loss or damage. Contents insurance also covers your belongings when you aren’t at home, so you don’t have to worry about your stuff when you are traveling or away.
- Replacement cost coverage insures your home’s contents for the amount of money they cost new and will replace those items if lost or damaged.
- Additional living expenses coverage can help you pay for needed expenses related to finding accommodations in case you have to leave your home for a covered reason. This temporary accommodation could include a hotel or a short-term rental on another place. This part of your renters insurance policy could also help with food costs during the time you are out of your home.
These additions to a base renters insurance policy can help customize your insurance policy to meet your needs more accurately, in addition to providing more coverage where you need it.