Even for the most cautious renter, accidents happen. Here are five common insurance claims that tenants often face and how your insurance coverage can protect you from the unexpected.
Since you don’t own your rental, buying insurance may not be the first item on your to-do list when moving into a new unit. However, unlike home insurance, policies for tenants don’t cover the actual property that you’re renting. Instead, this type of coverage helps protect you and your finances in a number of other ways, including:
- Providing you with liability coverage in case of injury
- Replacing or repairing damaged or stolen personal belongings
- Covering living expenses if your unit becomes uninhabitable
Of course, having a policy in place is essential in protecting your belongings, personal property, and finances. Just as important, however, is understanding what your insurance covers you for.
Read on to learn about five of the most common tenant’s insurance claims scenarios that every renter should be aware of.
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5 Common Renter’s Insurance Claims
When the unexpected happens, it’s crucial to know what you can file a claim for. Below are five common claims scenarios that you are covered for with APOLLO’s Tenant’s Insurance.
Claims Scenario 1: Fire Damage
Coverage Type: Contents Insurance
A fire starts in your building and the blaze makes its way to your unit. As a result, all of your personal belongings, including your clothing, furniture, and electronics, are either completely destroyed or badly damaged.
Due to the contents coverage included in your renter’s insurance, you won’t have to pay out-of-pocket to replace or repair these personal items.
Claims Scenario 2: Package Theft
Coverage Type: Contents Insurance
After ordering a new television from Amazon, it gets delivered to your front doorstep – only to be stolen before you receive it. Not only do you not have your new television, now you have to pay for another one.
Fortunately, your tenant’s insurance includes contents coverage, which helps you pay to replace this expensive item.
Claims Scenario 3: Accidental Injury
Coverage Type: Personal Liability Insurance
While having a party at your unit, one of your friends slips on your wet kitchen floor and gets hurt. After being rushed to the hospital, they learn that their arm is broken. They now have medical bills to pay, which you are responsible for since the accident took place on your property.
With insurance that offers liability protection, these expenses are covered.
Claims Scenario 4: Water Damage
Coverage Type: Additional Living Expenses
A water pipe that runs through your unit bursts, causing flooding and substantial damage to your living space. As a result, you need to find emergency accommodation while your unit is being repaired.
Your landlord’s policy does not cover the costs of these additional living expenses – but your renter’s insurance does, potentially saving you thousands of dollars.
Related reads:
- Does Renter’s Insurance Cover Hotel Stays?
- Does Renter’s Insurance Cover Water Damage?
- How Renter’s Insurance Covers You While Travelling
Claims Scenario 5: Stolen Belongings
Coverage Type: Contents Insurance
A thief breaks into your rental property’s garage. After stealing your bike, they also break into your car and take your laptop and gym bag. Replacing your bike, laptop, and the contents of your gym bag is quite expensive, as is repairing the broken window of your car.
But, since you have contents coverage included in your renter’s insurance, the replacement and repairs of your belongings are covered.
Related reads:
Previous Insurance Claims Articles
Interested to learn about other common claims scenarios? Check out APOLLO Magazine’s previous articles in this series:
- 6 Claims Scenarios Every Contractor Should Know
- What are the different types of business insurance claims?
Protect Your Personal Belongings with Tenant’s Insurance
APOLLO’s Tenant’s Insurance is a policy designed specifically for renters. It provides you with peace of mind that your personal property will be covered in the event of theft or damage. This type of insurance also protects you and your finances in the event of a liability claim, should someone get hurt on your rental property.
Key features include:
- Tailored coverage: Flexibility to pick and choose coverages that meet your needs, such as:
- Special Limits, including bicycles and e-bikes, computers, fine arts, and more
- Mysterious Disappearance and Sewer Backup included in Enhanced Package
- Overland Water coverage included in Premium Package
- Coverage for roommates: Available for up to three unrelated roommates or families sharing a unit
- Contents coverage: Up to $150K
- Deductible: Up to $2.5K
APOLLO is a leading digital insurance company that’s making coverage for renters effortless, so you can focus on what’s important — enjoying your home.
Start your free online application now, and you could be insured in the next 15 minutes.
APOLLO Has You Covered
Get the protection you need in minutes with custom Renter’s Insurance from APOLLO.