If you are in search of home and contents insurance, you have landed on the right article! This is the second instalment of a two-part blog post devoted to buying home and contents insurance for renters.
Read our first article to get knowledge on the coverage of home and contents insurance. In this second article, we will discuss other basic facts about this type of insurance.
How does Contents insurance for share houses work?
Contents insurance for share houses is very similar to contents insurance for individual homes. Your contents insurance for share houses covers your belongings. You will usually pay a premium on a monthly or yearly basis.
When you sign up for contents insurance for share houses, your insurer provides you with an insurance policy. The insurance policy will have a list of items that are covered by the policy. If you have any questions about the policy, you can contact your insurance provider, who will be happy to clarify any doubts you may have.
In addition to the list of covered items, the insurance policy will also contain a list of exclusions. These are the items that are not covered by the insurance policy. It is important to read the exclusions before you sign up for contents insurance.
Theft Is Not Covered If The Thief Got in With a Resident's Permission
If you have in-home contents insurance, then the thieves have to steal your belongings with the intention of stealing them. In fact, the law requires that the thieves must have broken the law.
However, if a resident gives the thief permission to get in and steal your things, then you will not be covered by the insurance policy.
For example, if your housemate has a party and you leave your laptop unattended, you will not be covered by contents insurance. This is because another resident gave permission to the thief to enter your home and steal the laptop.
Does contents insurance cover damage to my rented home?
In addition to theft, contents insurance covers damage caused to your belongings as a result of fire and floods.
However, there are exceptions to this. For example, if your housemate leaves a pot of food on the stove and lets it burn the floor and your belongings, this will not be covered by contents insurance.
Contents insurance for share houses does not cover damage caused by the resident's negligence. You must read your policy in depth before signing up for contents insurance. If you still have further questions about your renter's insurance, it is best that you take up your concerns with your insurance provider.
Conclusion
Contents insurance for share houses is the same as contents insurance for individual homes. The only difference between the two is that the contents insurance for share houses will insure the belongings of the tenants. If you have any questions about the content insurance for share houses, you can always contact your insurance provider, who will be happy to answer your questions.
If you have questions about home and contents insurance or are interested in signing up for an insurance plan, visit New Wave Insurance. We are the best place to find the right insurance for your assets, business and vehicles!