Tenant Insurance in Thunder Bay

Third-party liability coverage protects policyholders in the event that someone is injured or experiences property damage while on their rental property. For example, someone slips and falls on your rug, breaks their phone, and hurts their back.

Legally speaking, you can be held responsible for these injuries and damages, which is where liability insurance comes into play. Should a lawsuit be filed against you, your liability tenant insurance will cover the cost of repairs, replacements, medical bills, legal fees, and other associated costs.

Contents coverage offers protection to policyholders and their personal belongings. Should your belongings be damaged or stolen from your rental home, this policy will cover any costs associated with repairing or replacing your items based on an actual cash value or replacement cost value assessment.

Insured perils included in these insurance policies include theft, vandalism, fire and smoke damage, certain weather conditions, and some types of water damage.

Further, if you have high-value items in your rental, you may want to consider a personal articles floater. Floaters offer additional coverage for specific items that may not be entirely covered under a standard policy. For example, if someone breaks into your unit and steals your engagement ring, your tenant insurance may only cover $ 1,000 worth of the ring when the actual value is $ 5,000. With a floater endorsement, you'd be compensated for the remaining $4000.

If your rental home is damaged to the extent that it is no longer safe to live in, additional living expenses will cover the additional cost of accommodations, meals, and other fees during the time when your property is undergoing repairs.