Renters Insurance

Protecting your assets and third party liability risks should be a top concern for all renters simply because accidents happen and we rarely have visibility into them until after the fact. An unattended pot or overflowing bathtub can do great damage to your unit and contents. Renters insurance covers your contents against loss from fire, smoke damage, water damage, vandalism, theft, and many other perils.

What is the specific protection renters insurance can provide?

• Contents – Protection for the contents of the policyholder’s unit and other personal belongings carried or used by the resident on and off the premises. If you were to flip your unit over and shake it, whatever drops will generally be considered “contained”, while whatever doesn’t drop is part of the building and not covered. Contents may include, but are not limited to, furniture, clothing, televisions, bedding, and dishes. Of course, some restrictions may apply.
• Personal responsibility – If a resident is found liable for causing damage to another person’s building or property (for example, if a resident accidentally set a fire in his or her room) or caused bodily injury to another person on the premises, the policy coverage will respond up to the insured limit to pay legal expenses and compensatory damages subject to the Terms, Conditions and Exclusions of the policy.
• Additional living expenses – If, as a result of an insured loss, the tenant’s unit is not fit for occupancy or if a resident has to move out of his or her unit while repairs are being made, the policy coverage will pay increased expenses up to the insured limit incurred by the tenant. resident to obtain housing subject to the Terms, Conditions and Exclusions of the policy. If a resident has to move to a hotel for a few days while their unit is repaired, these additional costs and increased food costs for restaurant meals may be covered by the Policy subject to the Policy’s Terms, Conditions and Exclusions. .
• Other Coverages – Additional coverage may be available for earthquake, jewelry, and fine art. Check with your insurance broker as needed.

Coverages may be subject to a deductible. Check with your insurance broker for policy details.

Additional benefits

Some renters insurance policies offer access to value-added services, directly from the insurer, as an added benefit of coverage. Novex Insurance Company, for example, offers Novex Assistance, a program designed to provide renters with services that include:

• Unlimited legal information telephone helpline for advice on property, landlord/tenant relations, employment, contracts, benefits, licenses and permits, inheritance and family law.

• Home care services, including cleaning when property is damaged; child care for sick children or grandchildren; child care in case of hospitalization; housework upon return from hospitalization; and visiting nurse.

Please note that home care services are subject to certain limits and conditions. Please ask for details.

Renters Insurance Programs

Renters insurance programs exist for several different types of renters that may offer personalized coverage and preferred, pre-negotiated rates for insurance. These preferential rates can offer cost savings over retail renters insurance offerings.

• Building renters insurance programs – For the benefit of tenants living in certain buildings.
• Senior Renters Insurance Programs – For the benefit of older tenants living in certain retirement homes. It may specifically include coverage for hearing aids, wheelchairs, or scooters.
• College/College Renters Insurance Programs – For the benefit of your students while living in residence at certain colleges or universities.

In most cases, renters insurance programs can be provided at no cost to the building owner, retirement home owner, or university. The general liability and property loss experience may be enhanced for building owners due to the insurer’s subrogation capabilities. This, in turn, may lead to lower commercial insurance rates in the future.

conclusion

Protecting yourself and your contents from liability risk is a prudent step, whether or not you own your home. Renters insurance is risk coverage often overlooked by renters, and in many cases can provide significant risk protection at reasonable prices. Ask your insurance broker about the benefits of renters insurance and learn how little it can cost to cover your belongings and liability risk.