Damage stemming from an incident you caused while at home: If you forget to turn off the stove and your neighbor’s apartment fills with smoke, your policy will pay to make it right.An accident that damages someone else’s property: If an errant baseball your kid throws goes through your neighbor’s window, your insurer will step in to help.Falls and other injuries: If a visitor to your home slips on a freshly mopped floor and breaks their wrist, your insurance will cover you if they sue for their hospital bills.This is intended to cover medical expenses and legal fees if a houseguest is injured or if you or a member of your household inadvertently damages another person’s property.Ĭommon examples of personal liability coverage claims include: Liability coverage also is a standard feature of renters insurance policies. Weight of ice/snow/sleet: if precipitation triggers a roof cave-in.Vehicle impact damage: if a motor vehicle or aircraft crashes into your residence.Riot or civil unrest: if your belongings are stolen or damaged by pillaging or looting.Explosion: if a gas grill or water heater explodes.Power surges: if an electrical malfunction sends a surge through your wiring and wrecks items you have plugged in or if your power is out for a long period and everything in your refrigerator spoils.Water damage from pipes: if a pipe bursts or a sprinkler system malfunctions.Vandalism/theft: if your property is stolen or damaged as the result of a break-in.Falling objects: if a branch or other object falls through a roof, wall or window.Windstorms/hail: if hail or a tornado damages the structure of your residence and your belongings suffer water damage.Lightning: if a strike ignites a fire or a power surge ruins electronic devices or appliances.Fire/smoke damage: if an electrical or kitchen fire breaks out in your home or a neighbor’s home if you live in a multi-family residence.Most renters insurance policies cover the following perils and the types of property damage listed below: It also is a worthwhile investment because your landlord’s insurance will not cover your belongings in the event of a natural disaster, break-in or other covered incident that results in a loss to you. According to the National Association of Insurance Commissioners (NAIC), renters insurance costs an average of under $200 annually - just $15 a month. These policies are considerably cheaper than home insurance because they don’t cover the dwelling structure itself. Along with coverage of your belongings, renters insurance - like homeowners insurance - protects you from personal liability and may cover your living expenses if damage to your home renders it temporarily uninhabitable.Įven if your landlord doesn’t require you to carry renters insurance, it’s a good idea. Also referred to as a tenant or HO-4 policy, this type of property and casualty insurance covers all types of rental property: houses, apartments, condominiums, townhouses, and mobile homes. Read our Tenants Guide to Inventories for more info on this.Renters insurance protects your stuff - and your wallet - in the event of a calamity. It helps with understanding the value of items that your landlord provides and for what you’re responsible for under your tenancy agreement, should damage occur. When you’re calculating how much Tenants Liability Insurance you need, an accurate and detailed inventory is key. Tip: Make sure that the inventory is accurate For example, if you accidentally damage a carpet and a replacement is necessary, you’ll need to factor in the cost of the carpet fitter’s labour. You’ll also want to consider that repair costs may include labour costs for a tradesperson, not just the items themselves. The cost of repairs or replacements for all these items can quickly add up! If you’ve decided to rent a furnished or part-furnished home, you’ll need to think about all the furnishings that are already there, from the sofa and the bed to the tumble dryer and the coffee table. Look carefully at the fixtures, fittings and contents that belong to your landlord. This means that it's up to you to decide on a suitable amount of protection for your needs. Other providers may offer Tenants Liability Insurance at different prices and with different levels of cover.
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