Alberta Home Insurance – What Renters Need to Know

by

Elene Hanzen

When you decide to rent a home you really need to consider getting adequate renters insurance. It\’s a common misconception that renters are covered by their landlord\’s home insurance policy in the event of a disaster. It is simply not true. Your landlord is not responsible for insuring you and your possessions, or for the liability your may incur. His insurance only covers the building structure and the common areas. Landlord\’s insurance does not cover your furniture, personal possessions, or damage you might do to the landlords building. You alone are responsible for the security of your own possessions and the well-being of your rental unit.

Many people opt out of signing up for this kind of insurance altogether, which is a potentially very dangerous decision. The simple question you can ask yourself is whether you could afford to replace everything if you lost it immediately. Every renter should be insured to cover their personal possessions and even more importantly, for liability coverage. You can\’t forget that liability within your rental unit is your responsibility. Your possessions and liability inside your home are both covered by you securing renters insurance. Based on the minimal cost, it really makes sense to follow through with this.

What Renters Insurance Covers

So what exactly does personal property coverage do? It helps you buy paying to replace personal property that has been stolen, or damaged by a specific event. First and foremost, you need to do a proper home inventory and document this as well as you can. This home inventory will help you determine how much actual renters insurance you require. Getting an accurate dollar value on your possessions will allow you to properly cover your property. All of this will help you in the event of a disaster. In the end, you\’ll be better prepared to deal with a potential situation. You do need to be aware that you may need to purchase additional coverage for some expensive items like computers and electronics.

When your home is uninhabitable and you need to pay for additional living quarters, additional living expenses coverage will kick in. It covers your hotel bills and any other additional expenses you may incur. Additional living expenses means you have the security to know that you\’re never going to find yourself without a place to stay just because your house is temporarily uninhabitable. It\’s a good idea to know what your policy\’s limit are, since these do vary among insurance providers and policies.

Lawsuits do happen and you want the security of knowing that your personal liability coverage will protect you in those situations. The amount of liability coverage you need really depends on the amount of assets and exposure you have. If you are found negligent in a situation where someone was injured, your liability protection will cover expenses that would otherwise likely cripple you financially. With the large number of people running home based businesses these days, it\’s important to be reminded that your personal liability coverage from your home insurance does not cover your business. These are not one in the same. So if you are operating a home based business you need to purchase a stand alone policy for your business.

We are one of the few Canadian insurance providers specializing in home insurance, offering the only home insurance policy in Canada that can truly be tailored to your individual needs. Visit us online to learn more about

Alberta Home Insurance

resources.Click

squareoneinsurance.ca/

for more details on our online services.

Article Source:

ArticleRich.com