Good advice. Well given.

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As a tenant, you need not worry about insuring the physical structure of your home, but you do want to replace your belongings in the event of a disaster. Look below to see the various issues that you should consider in applying for your tennant’s insurance.

Contents

Is your limit adequate for the items in your home?

Remember, it is not what you paid for the item, what you could sell it for, or what you could buy it on sale for but what it costs to replace your things. If you needed to replace ALL your belongings tomorrow, what would it cost?

Attending a university or college?
If so, your possessions will be covered by your personal insurance policy even if you’re not living at home.

Special contents

Do you have special contents that require specific insurance coverage? Bicycles are a good example. Most policies limit coverage to $500, and the coverage is subject to the policy deductible. For an additional premium (based on the value) you can increase this limit, and lower or eliminate your deductible.

Jewelry
Most policies limit coverage to a specific dollar amount (generally between $3,000 and $6,000), and the coverage is subject to the policy deductible. For an additional premium (based on the value – which must be supported by an appraisal) you can increase this limit, and lower or eliminate your deductible

Collectibles
Coverage limits apply, other restrictions may apply. Do you know what your policy covers?

Business Contents

Do you have any items related to a business? Did you know that the coverage for this property is generally quite restrictive?

Optional Earthquake coverage

We always recommend earthquake coverage because:

  • February 27, 2010: 8.8 Earthquake in Chile – estimated loss $8-$12 BILLION
  • September 4, 2010: 7.0 Earthquake in New Zealand – estimated loss $2-$4.5 BILLION

Use/Liability coverage

Your personal liability policy covers you on and off your premises for your personal negligence. However, it assumes you are simply acting as a resident. If you use your home in other capacities, such as the ones below, you may benefit from additional coverage.

Do you have a home based business? Does your Insurer know?

Do you have clients on the premises? You may need a business policy to cover this liability exposure.

Do you do consulting or internet work? You may need a Professional Liability policy in place.


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