Tenant Contents Insurance

2008-10-15 16:59:13

( Insurance )



Risks with Rented Property

Even though you are a tenant and don't own the premises, you can still become a victim of vandalism, crime, fire or theft inside the property. Based on the stipulations in your lease contract, your landlord will not be held responsible for such contingencies, unless he himself had caused these to happen. It is in fact your sole responsibility to protect your own personal effects against untoward incidents.

What is Tenant Contents Insurance?

Tenant contents insurance is a distinct form of house contents insurance, and protects against damage or loss to a tenant's belongings inside the rental property. In contrast, house contents insurance can cover for items that are inside any type of real property, whether you own or rent it.

Tenant contents insurance reimburses you for the replacement costs of lost, stolen or damaged personal property. Many basic tenant contents insurance policies also cover any loss or damage to adjoining property, as well as provide for injuries to people who happen to be inside the rental property at the time of the incident.

Most insurers also cover items which are your personal property but were not inside the premises at the time.

Other Options for Tenant Contents Insurance

Although tenant contents insurance is comprehensive in nature, the coverage may also be limited. For instance, a typical tenant contents insurance policy does not cover earthquake-related damage or sewer backups. Bicycles, watercraft and jewelry are not covered. You need to buy additional coverage for these items.

What to Consider When Buying Tenant Contents Insurance

Tenant contents insurance is definitely an additional expense, and premiums can cost a lot, especially if you are getting a comprehensive policy.

You should determine whether you really need financial protection for your personal things. Make a list of all your valuables and their probable replacement costs as a start, most especially non-covered items like jewelry, silverware and bicycles. This will help you select the right amount of coverage, so that you don't end up overpaying.

Also weigh the costs of other alternatives to tenant contents insurance. If you don't really have many valuables, you can just consider storing them in a safety deposit box at the bank.

You may also consider buying a fire extinguisher and security system for the property you are renting, as additional protection for your valuables.


All rights Reserved © Tradenet Services srl
Do not duplicate or redistribute in any form.