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Renters Insurance: What Does It Cover?
Renters insurance is an essential form of protection that every tenant should consider. However, many renters may be unsure about what exactly is covered by this type of insurance. In this article, we will delve into the specifics of renters insurance and outline the key areas it typically covers.
Personal Belongings
One of the primary coverages offered by renters insurance is protection for personal belongings. This includes coverage for furniture, clothing, electronics, appliances, and other valuable items. In case of events like theft, fire, or certain natural disasters, renters insurance can help replace or repair your belongings.
Liability Protection
Renters insurance also provides liability protection, which is crucial for situations where you may be held responsible for causing injuries to someone or damaging their property. If, for example, a guest trips and injures themselves in your rental unit, your renters insurance can help cover medical expenses or legal costs if they decide to sue.
Related Read: How Much Tenant Liability Insurance Do I Need?
Additional Living Expenses
In situations where your rental unit becomes uninhabitable due to covered events, renters insurance can cover additional living expenses. This typically includes costs for temporary accommodation, meals, and transportation until your rental unit is repaired and habitable again.
Related Read: Why Additional Living Expenses Coverage is Essential
Loss of Use
If you experience a covered event that renders your rental unit temporarily uninhabitable, renters insurance can provide coverage for the loss of use. This means you would receive financial compensation for the rent you would have paid during the time you are unable to live in your unit.
Medical Payments
Renters insurance often includes coverage for medical payments. If a guest sustains minor injuries on your property, this coverage can help pay for their medical expenses, regardless of fault. It can be particularly useful in avoiding potential lawsuits for small incidents.
APOLLO offers effortless tenant insurance designed for Canadian renters. Get your free quote in less than a minute and we’ll send your policy documents right to your inbox.
Originally published August 31, 2023, updated September 5, 2023
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