When you complete your student life and start working, you might still be in the hangover of student life. You could be very careless about your belongings in the rented house where you live. You don't even bother availing rental insurance, thinking you don’t need it or the landlord's insurance will cover your personal belongings. But the fact of the matter is, your personal belongings will not be covered under landlord's insurance.
In case something happens to your landlord's furniture or fixtures during your stay in the house, you will be responsible for the loss and the landlord will deduct an agreed amount from your deposit. So, it is wise to avail rental insurance, if you are living in a rented house or apartment.
Protect Your Personal Belongings When Living In A Rented House
Rental insurance offers protection for your valuables from losses due to fire, theft, smoke, explosion, vandalism, lightning, wind and water damage (excluding floods) and so on.
Types Of Coverage Available:
Cover for personal possessions:
Basic premium covers the expenses incurred for repair or the replacement of the belongings, in case they are damaged or lost. But, this does not include electronic items, jewelry and art work.
Coverage for Special Items:
Your belongings such as mobile phones, laptops, television sets, music systems will be covered by this insurance.
Coverage for Legal Liabilities:
An additional premium compensates third parties for injuries suffered by them in the rented house. It also covers damages caused by you or your guests to this house. In case your landlord or a third party takes you to court, the legal expenses will be covered.
Coverage for Emergency Living Costs
Your living expenses will be covered by rental insurance in case you are not able to live in your apartment due to fire, smoke or any kind of damage. It also covers the cost of meals and other incidentals. But, there will be a cap on the compensation amount paid by the insurer.
To arrive at the exact figure of the value of your belongings, you have to make a list of whatever you own. You could include both small and high-value items in the list. You should also take photographs of the items on your list.