When you rent a home, you may think that the landlord has paid for insurance to cover your home and so you are covered in the case of any catastrophe. But, the homeowner only pays to take care of any loss of their property and this does not take care of the loss of your own belongings. That is why you need tenant insurance in Halifax.
Tenant insurance protects from loss of your belongings through the events that are listed in your policy, such as theft, vandalism, lightning, windstorms, water damage, smoke and fire. Even when you don’t think you have any high value items, renters insurance can help you with the cost of replacing a wardrobe and furniture, for instance. Here are some of the other things that this kind of insurance covers:
1. The Cost of Temporary Lodging
The policy offered by most insurance companies in Halifax covers something known as “additional living expenses”. This means that if your apartment is not habitable after a disaster, and you need to get another place to stay temporarily, the tenant insurance will cover your additional expenses, such as the cost of a hotel room.
2. Medical Expenses
If one of the guests that comes to your apartment gets injured, tenant insurance in Halifax will pay for their medical bills within the limits of the policy. A typical renters policy usually pays for a few thousand dollars worth of medical coverage. To enjoy this type of coverage, make sure you ask your broker about the value of coverage and the type of bills that the insurance companies in Halifax will pay.
3. Costs Associated with Damage or injury
Tenants insurance in Halifax offers liability coverage to pay for the cost of medical bills to treat injuries or damage caused by any of your family members. This means that if your child damages a neighbour’s precious antique furniture or painting, your policy will help to pay for it or to replace it.
Similarly, when a person gets injured in your home or you cause an accident and you are sued, the liability coverage on your policy will help you pay for your legal expenses and fines, within the limits of your policy. You have to pick the value of liability insurance you want your tenants insurance to cover. The higher the limit, the higher your premium will be.
4. Coverage for Belongings Outside the Home
Your things are also covered when you are not staying at home. This means that, in line with the terms and conditions in your policy, you will be covered when a robber steals your luggage from your vehicle or takes your luggage out of a hotel room while you are on a holiday tour. This type of coverage is known as off-premises coverage and it is limited to a percentage of the total coverage value of your belongings.
Those are some of the key benefits of getting a tenants insurance policy to protect you from loss. For more details about the advantages of renters insurance, consult a reliable broker.