Basic things to Consider for Rent Insurance Policy in Nigeria

What is the difference between home insurance and rent insurance? Well, here we’ll be provide answers to the foregoing questions so that as many of us that are mistaking home insurance to rent insurance will be able to understand the underlying concepts behind the two types of insurance. 

Let’s start by saying that rent insurance protects renters’ belongings in the event of a fire, theft, vandalism or other weather-related catastrophic incident. If you are considering rent insurance, there are a few things to consider before purchasing a policy.

Basic things to Consider for Rent Insurance Policy in Nigeria

Does Home Insurance Cover Renters?
Home insurance does not cover renters insurance. It is possible that your landlord has landlord’s or homeowners insurance to cover the property you are living in. This policy does not cover your belongings and personal items in the event of an incident or accident. Rent insurance is designed to specifically cover those who are renting. Rent insurance is a much smaller cost than homeowners insurance, so those who cannot cover expenses to replace everything they own should consider rent insurance.

Make a List of Belongings: When purchasing rent insurance, you will need to include an inventory list of all the belongings and items you want covered in your policy. Valuables and expensive items should be considered for this list. You do not need intense details, but a basic outline of the item, it’s cost and when you purchased it.

Consider including items such as furniture, televisions, computers, jewelry, art and anything you own that costs more than you can afford to replace. It is very important to keep this list somewhere safe, like a fire protection safe, online or somewhere outside your home. This list and your policy should be accessible if everything in your home is destroyed.

Determine the Weather-Related Incidents Covered: Rent insurance usually always covers fire and storms, but most policies will not include coverage on flood damage. Review the rent insurance policy to understand what additional natural disasters are covered. Some policies may not cover them all and other rent insurance policies will have a large deductible that you have to pay before coverage is prepared.

Know the Deductibles: Once you have determined a rent insurance policy to meet your needs, it is important to understand the price of your deductibles. Deductibles are the cost you will have to pay to make a claim in the event of an incident. Knowing what up front cost you will have to pay to make a claim will ensure you are prepared to make a claim.

Getting Discounts on Rent Insurance: It is interesting to know that some companies will offer discounts on rent insurance if you have another policy with them. When shopping around for rent insurance, as the company you have other policies with, like automobile, if they offer any such discounts. It is also a good idea to check with your employer to see if there are any company discounts for rent insurance policies with a specific company.

Rent insurance is well worth the investment should something happen to the place you are renting. It is intended to cover any unexpected costs of your belongings and personal items, and it can be a life saver should you ever experience an incident while renting your home.

Read: Renters Insurance Policy | What is it all about?

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