Your tenant’s insurance policy also pays for extra costs that result from the loss. And your insurance protects you if someone gets hurt or someone else’s property gets damaged because of your negligence. There are several benefits of a tenant’s policy. Firstly, it protects your belongings in the apartment.
If you suffer a loss due to a risk or peril, such as fire or theft, your possessions, including furniture, clothes, and electronics, are covered. Policies usually cover certain items such as jewelry or sporting equipment to a minimum amount, so if you have items worth more than the designated amount, talk to your insurance broker about adding extra coverage. Keep receipts for your large-ticket items or have items appraised, and keep these records stored in a safe place. It’s also advised that you create an inventory of your belongings along with brand names and serial numbers, and take photos or videos, and store this inventory record in a safe place.
In the event of a loss, insurance pays for any necessary expenses while your apartment is being repaired, such as hotel bills, restaurant meals, and moving costs. This coverage is subject to certain limits. Tenants are responsible for the harm they cause to any part of their apartment building itself and to others who live or visit there (your neighbor’s apartments). For example, if a lamp or appliance starts a fire that causes damage not only to your apartment but also to other tenants’ or neighbors’ contents and any structure of the building you can be held responsible for the cost of that damage.