Do you have tenant insurance? Whether you are just striking out on your own or a student renting an apartment in St. John’s, it is important that you protect your possessions with tenant or renters insurance. Computers, electronics, furniture, clothes—all these items cost a substantial amount. Safeguard your investment. You could lose everything in the event of a break-in, fire or extreme weather! Your Newfoundland and Labrador tenant insurance policy can protect you from financial loss.
What You Need to Know About Tenant Insurance
Understanding your liabilities as a tenant and the protection that an insurance policy can provide will help you make the right decision and give you a good night’s sleep in your rental apartment or house. Here’s what you need to know:
- You are responsible for damages to the rental property and injuries to visitors: This means you could be held liable for property damage or injuries on the premises irrespective of whether you caused them or not. The cost of repairs, especially to older dwellings could cost you dearly. As would compensating an individual who was injured on your property for the medical expenses and/or loss of income. Don’t take that chance.
- Your landlord’s policy does not cover your liabilities: Your personal belongings are not covered by your landlord’s insurance on the building or house. Nor does his/her policy cover any damages to property or injuries to a third party while you are living there. Purchasing coverage in advance will protect you from financial ruin in the event a situation occurs. Do it right away!
- Keep an updated list of your belongings: This can help resolve your claim faster. Remember to hold on to receipts of big ticket items as it validates the amounts you have paid for them. Keep an electronic copy with family or a friend in the event yours gets destroyed or you are unable to get into the rental place.
- Understand your insurance coverage: Are you aware that having ‘Named-Perils’ coverage insures your possessions in the event of specific circumstances such as a theft, fire or water damage? Educating yourself about the different types of coverage can help you make an informed choice. Do you know the difference between Actual Cash Value (ACV) and Replacement Value coverage? ACV pays you the current cash value of your possessions while taking into account depreciation as well as wear and tear. Replacement value, on the other hand, pays you the amount it would cost you to replace your belongings at current market value. Naturally, replacement value coverage would cost you more. Know what you are paying for and avoid any confusion when making a claim.
Contrary to what you may have heard, tenant insurance is very affordable. Depending on the territory and type of coverage you are looking for, you may be able to select a policy for which you can even pay as little as $15 per month! You may also be entitled to an extra discount on your auto insurance policy if you choose to go with the same provider for both. If you and your rental property are located in Newfoundland and Labrador, Steers Insurance can help you find the right tenant insurance coverage for your needs. Our dedicated team has been providing home and life insurance coverage to individuals and families for over 80 years.
As members of your community, we have a unique understanding of the challenges you face and your insurance needs. You can count on a Steers Insurance Specialist for the right protection at the right rates as well as the best customer service.