Types of Tenants’ Insurance, What You Can Buy and What They Cover
Insurance companies offer a policy that can protect the personal contents you own in your rented apartment or home. These policies are often referred to as tenants, contents or renters insurance and can cost as little as $20 per month.
There are two main types of coverage on these policies. There is coverage for the items in your apartment or home and there is also coverage for personal liability. The personal liability coverage will protect you for negligence (ie you are cooking and start a fire in your apartment damaging the building, someone trips or falls, or your children accidently break a window while playing sports.) Most policies include a limit of $1 million protection.
The other important part of the policy is the coverage for the items you own. Examples of such items would be your clothes, television, computer, or furniture. Some protection offered under the policy would be things like fire, theft, vandalism, windstorm, lightening or explosion.
It takes only a moment to work out the cost involved in getting a tenants package.
Call your broker today.