Importance of getting Tenant and Landlord Insurance in Peterborough

By June 5, 2017Blog

If you are a tenant or a rental house owner, you need to buy tenant and landlord insurance in Peterborough. This type of insurance is different from the usual home insurance policy. It is important that the landlords have the opportunity to protect their assets and premises as well as the income they earn from their tenants. As for the renters, there are separate policies available since they are not covered under their landlord’s policy. Insurers have different kinds of policies designed for tenants including low-cost ones.

Insurance for Renters and Tenants

If you are renting a house, the landlord would enjoy coverage for only the house and the fittings. However, you would be responsible for any loss or damage to your own possessions on the property. This is why any disaster always leaves the tenants with nothing. Thus, it is equally important for the tenants to insure their belongings and valuables by taking an appropriate policy.

What is there for Tenants in Tenant Insurance Policy?

If you get an insurance cover for your belongings, you would enjoy peaceful sleep since you know you can always claim for any kind of loss or damage to your possessions. Most tenant insurance policies also cover accidental damage to fittings and fixtures of your rented apartment. You are also offered financial cover for any legal liability. Tenant insurance also covers your belongings when you change one rented house to another. However, it is important to know that different insurers offer different kinds of policies. Thus, it is always advisable to check and compare various policies before choosing the best one for your requirements.

Landlord Insurance

A landlord always has a few additional risks to his property that must be covered under insurance to save the investment. You are bound to get coverage for any damage or loss to your house or the fittings and fixtures caused due to fire, storm, flood and earthquake. If you want, you can also upgrade your policy to get coverage for loss of income resulting due to non-payment of rent. Moreover, other than accidental coverage or damage due to natural calamities, you can cover your property for any financial loss caused due to the occupants or their guests.

Low-Cost Tenant’s Insurance

The major risks that a tenant can face are fire and burglary. This is why many insurers offer low-cost policy cover to protect your possessions against the two risks mentioned above. Since this is generally limited to its cover, it is essential for you to understand the policy properly to ensure that your belongings are not underinsured. Your coverage amount must be enough for replacing or repairing your possessions. If you own jewelry, artwork or antiques, you must add them to your insurance coverage list. You must know that adding all these items would mean a higher premium rate.

Ideally, you must visit a few insurers offering tenant and landlord Insurance in Peterborough before choosing the most suitable policy as per your requirements.

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