Do I need contents insurance with a rental property?
Do you have a rental property? Then, as with a purchase home, you will have to deal with insurance. However, what insurance are necessary? When having a rental property, contents insurance is essential. In this article, we take a closer look at why contents insurance is so important and where it differs from buying a rental property.
Need contents insurance for my rental property?
With contents insurance, you ensure that the belongings in your rental home are properly insured. Although contents insurance is not mandatory, it is highly recommended. Your valuables are then insured in case of damage by fire or theft, for example. You may not realize it, but the value of your belongings is often higher than you think. With a house you also need home insurance. You don't need this when you rent a house. Then these costs are for the landlord.
Contents insurance coverage
What exactly is covered under contents insurance? In short, you are covered for damage to all your belongings that are not attached to your home and cannot be detached without damage. This includes: furniture, clothing, and possibly other valuables.
Damage to your kitchen? This is usually covered by homeowners insurance. Because it cannot be moved without permanent damage.
Taking out household contents insurance? Calculate your premium!
What about window damage in a rental property?
Oops...ball through window. It can happen to anyone. But are you insured for glass damage? Building insurance taken out by the landlord often includes insurance for glass damage. Of course, it's always wise to check with the landlord of your rental property to see what the situation is regarding glass damage. There may also be something in the contract you had to sign. Is there nothing on paper? Then you can take out separate glass insurance with your home contents insurance.
What is tenant interest ?
Suppose you have done certain improvements to your rental property yourself. For example, you have refurbished the bathroom yourself. When you move, you should not take the bathroom with you. So you leave it behind in the rental home. We call these kinds of improvements tenant's interest. You can co-insure the improvements you made in your rental home with your contents insurance. In most cases, this is co-insured up to a maximum amount.
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