A Beginner’s Guide to Reading Your Tenant Insurance Policy

When it comes to tenant insurance, understanding the details can make all the difference. In this article, we’re breaking down the key terms and sections of your policy so you can navigate it with ease. Let’s dive in and make sense of what’s covered, what’s not, and everything in between.

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Start With the Basics

First, let’s look at the declarations page. Think of this as your policy’s cheat sheet. It’s got all the basic information, such as:

• Policyholder Information: This is information about you that ties you to the policy, such as your name and address.

• Policy Period: When your coverage starts and ends.

• Coverage Limits: How much protection you have for things like personal belongings or liability.

• Premium: What you’re paying for the policy.

What Does Your Policy Cover?

Your tenant insurance policy is like a safety net, protecting you in a few key ways. Here’s what to look for:

1. Personal Property Coverage: This protects your belongings (such as furniture, electronics, and clothes) in case they get damaged or stolen. Check if your policy covers replacement cost (what it costs to buy new) or actual cash value (what it’s worth now). Learn more about this in our article Insurance 101: Replacement Cost vs. Actual Cash Value

2. Liability Coverage: If someone gets hurt in your home or you accidentally damage someone else’s property, this coverage has your back for legal or medical bills.

3. Additional Living Expenses (ALE): If your place becomes unlivable because of a covered event, ALE helps cover temporary living costs, like hotel stays, the cost of food or short-term rentals.

4. Optional Coverages: Need extra protection for fancy jewelry or want to add your roommate? Check out the optional add-ons.

Decode the Fine Print

Here’s where you’ll want to slow down and take a closer look:

• Exclusions: This is the “what’s not covered” section, like floods or earthquakes. Better to know now than be surprised later.

• Deductibles: This is what you’ll pay out of pocket before your coverage kicks in. Most policies have a deductible of $500 or $1,000. APOLLO allows you to choose what you want your deductible to be. To learn more about this, read our article The Pros and Cons of a High Deductible Tenant Insurance Policy

• Endorsements: Think of these as custom tweaks to your policy, like extra coverage for high-value items.

Common Questions You Might Have

Still feeling a little unsure? Here are answers to some FAQs:

• Who is covered? Most policies cover you, your immediate family, and anyone listed as an additional insured.

• What about my roommate? Usually, roommates need their own policies unless explicitly added. APOLLO makes it easy to add roommates onto your policy right from our Customer Portal.

• Can I transfer this policy if I move? Yes, most of the time! Just let your insurer know your new address.

Pro Tip: Use the APOLLO Policy Portal

One of the best parts about being with APOLLO is our simple Customer Portal. Here’s what you can do:

• Update your info

• Add additional insureds

• Review and send your policy directly to your email whenever you need

APOLLO is Canada’s leading provider of tenant insurance, tailored specifically for renters and customizable to fit your unique lifestyle. Get your free quote in less than a minute and we’ll send your policy documents right to your inbox.

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