Wondering when you’ll be charged for your tenant insurance policy? Read on to find out!
For renters who like to keep track of their budgets and expenses, understanding when charges for tenant insurance policies are made is essential. In this article, we’ll be taking a look at some frequently asked questions about this important insurance coverage, as well as when renters can expect to be charged for their tenant insurance policy and explain some common payment options that are available.
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What is Tenant Insurance?
Tenant insurance, also known as renters insurance, is a type of insurance policy that provides coverage for renters who live in a property that they do not own. This type of insurance policy covers personal belongings such as clothes, furniture, appliances, and electronics in the event of a fire, theft, or other covered event. Additionally, tenant insurance may provide liability coverage in the event that the renter causes damage to the property or accidentally injures someone. It can also cover extra expenses such as hotels and food if your unit becomes uninhabitable due to a covered event.
Related Read: What Does Tenant Insurance Cover?
When Will I Be Charged for My Tenant Insurance Policy?
Once you get your free quote, you can pay immediately for instantaneous coverage. Then, we’ll charge you the day before your coverage renews. There are two ways to pay: annual or monthly. Let’s look at the difference between these two options.
Annual Payments
With an annual payment, you’ll pay for your entire year up front. However, you will receive an immediate 10% discount for choosing a yearly payment plan. With this option, we won’t charge you again until one day before your policy is up.
Monthly Payments
With monthly payments, you can choose to break up your annual payment into twelve payments. While you won’t be eligible for the 10% discount, this is a good option for those who want to split up the cost of their tenant insurance policy throughout the year. With the monthly payment plan, we’ll charge you on the same day every month.
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What Policies Are Included in My Tenant Insurance?
Tenant insurance typically includes three different policies that provide coverage to renters. These policies include:
Personal liability coverage
This type of policy provides coverage for any legal fees, damages, or settlements that a renter may be responsible for if they accidentally injure someone or damage someone’s property. This coverage can provide financial protection in the event that a lawsuit is filed against the renter.
Contents coverage
This policy provides coverage for the renter’s personal belongings in the event that they are stolen, damaged or destroyed due to a covered event such as a fire or water damage. This type of coverage can help renters replace their possessions without incurring significant financial costs.
Related Read: How to Calculate How Much Contents Coverage You Need
Additional living expenses
In the event that a renter is unable to live in their rental property due to a covered event, this policy provides coverage for additional living expenses such as hotel bills, meals, and transportation. This type of coverage can provide financial assistance to renters while they are displaced from their rental property.
Enhanced water coverage
This optional coverage offers an enhanced water coverage policy that provides protection for water damage caused by floods, sewer backups, and overland water events.
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What Are the Benefits of Having Tenant Insurance?
Having tenant insurance is an important safeguard for renters looking to protect their personal belongings and financial resources. Tenant insurance can provide coverage for personal belongings, liability protection, and additional living expenses in the event of unexpected events such as fires, floods, or theft. Ultimately, for an affordable price, tenant insurance can provide renters with peace of mind and financial protection. This makes it an essential investment for any renter looking to protect themselves from unexpected events.
APOLLO makes tenant insurance quick and easy, providing you with a free quote in less than a minute and instantaneous coverage. Get your quote today and have your policy documents sent right to your inbox.
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