Rental insurance, also known as tenant insurance, is an insurance policy that can guarantee some of the benefits associated with home insurance and is specifically designed for those who rent a home. Specifically, it provides liability insurance for the tenant's personal property, covering the risks of theft and vandalism, and against fire, flood, storm, subsidence, accidents, and explosions that may in any way damage the tenant's property. It also pays the bills in the event the home becomes uninhabitable (some policies pay for alternative accommodations during repairs). Since this type of insurance primarily aims to protect the tenant from damage and loss to their personal property by providing liability coverage that excludes the dwelling, this policy is significantly cheaper than a policy for the building's owners, who are not responsible for the tenant's personal belongings.
To better understand the coverage offered by home insurance, it's important to understand the different components and the guarantees and protections they offer. If you rent a home, it's not your property: if a wall or part of the structure collapses, the owner will have to repair it. As a renter, you'll only have to ensure the protection of your personal belongings.
The main types of home insurance cover different residential and non-residential areas: buildings, their contents, or specific combinations of both. A policy dedicated exclusively to buildings protects the structure of the home, including permanent fixtures, bathrooms, and modular kitchens, as well as other types of buildings, such as storage rooms, sheds, and garages. Contents insurance covers all property included in the home: the items most often protected are appliances, furniture, clothing, jewelry and watches, televisions, and various electronic devices. Combined property and furniture insurance combines both in a single policy.
Of course, depending on the different contractual options offered by each insurance policy, there can be many combinations of coverage, as well as a number of add-ons that you can obtain as extras. But let's focus more on the basic coverages offered, after which we can expand the discussion to additional coverages.
What protections does renters insurance include?
Theft : In the event of theft and removal of personal property from the home, it is always possible to request a refund of its value.
Fire : In the event of a fire and damage to your home, you can recover the costs of its replacement.
Pipe Burst and Water Leaks : If you suffer water damage due to a pipe burst or other leak, you can claim the cost of your property.
Storms : In the event of damage caused by storms and other weather events, the costs of damaged contents may be recovered.
Floods : Insurance covers the value of your belongings in the event of flood damage.
Ground subsidence : If damage occurs to the building's foundations, affecting the property inside, the value of the insured items is covered.
You may also like
Here's how you can increase the value of your home
According to 76% of real estate agents, building renovation activities are on the rise: owners don't want to face future uncertainty with a property of low value, so they opt for strategic interventions to keep their home's value as high as possible. So, what are the best improvements to increase home value? In this article,… Seguir leyendo Here's how you can increase the value of your home
Buying a House? Things You Should Know
Buying a home is a very complex task for anyone, especially if it's their first time. It involves a whole series of interrelated steps, starting with setting aside the money and closing the deal. Our brief advice is primarily aimed at those tackling this task for the first time. These tips include how to prepare… Seguir leyendo Buying a House? Things You Should Know
How to choose the best car insurance
Do I need car insurance? Whether you like it or not, car insurance is a necessary expense. Depending on the level of coverage, it can help with claims for damages to other people, their property, yourself, and your car. Car insurance is designed to protect you from the financial costs of an accident and protect… Seguir leyendo How to choose the best car insurance
Tips for choosing the best motorcycle insurance
One of the most important aspects when choosing the best motorcycle insurance is to analyze the frequency of vehicle use and the most common trips. In this sense, driving around the city every day doesn't require the same policy as taking a highway trip every now and then. Basic motorcycle insurance protection Although the purchase… Seguir leyendo Tips for choosing the best motorcycle insurance