Monthly Archives: September 2015

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Insurance Matters

Category : resident messages

Renters/Tenant Insurance

Thenant should obtain insurance coverage through the purchase of a special policy designed to protect personal belongings.  This policy provides coverage up to a specified amount for your personal property (clothing, furniture, household appliances etc.) for many perils including fire, smoke and theft.

As a tenant, you should make sure that you have enough insurance to cover all losses to your property.  To help determine your insurance needs, it is recommended that you take a household inventory.  This will not only help you in arriving at an appropriate amount to insure, but will also assist you in making a claim in the event of a loss.

Replacement Cost

Since the basic policy only covers actual cash value (the cost to replace an item minus depreciation due to age and use), it is recommended to include Replacement Cost Coverage for Contents which insures your belongings for the current cost to replace them.

Personal Liability Insurance

Personal Liability insurance provides medical coverage for claims made against you by someone either unintentionally injured on your premises or accidentally hurt by a member of your family.  If the person is injured or his property is damaged because of negligence by you or a family member, personal liability insurance will also pay for your legal defense and any resulting court judgment against you (up to the limit stated on your policy).