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Building Insurance Does Not Cover Renters Belongings

Building Insurance Does Not Cover Renters Belongings

Yes, you read that right. Your landlord’s building insurance doesn’t cover your personal belongings. If anything, the building insurance only covers things considered to be a permanent part of the property. This includes fixtures like doors, windows, the roof, walls, and floors. 

Also, a typical building insurance policy covers the owner from damage that’s out of their control. This includes (but is not limited to) flooding, explosions, arson/fires, malicious vandalism/damage, and storm damage. If you want to protect the property in your rental home go for renters insurance instead. 

What is Renters Insurance? 

Also known as tenant insurance, the rental insurance policy covers unexpected events, better known as perils. It cushions you from situations such as break-ins, theft, and a visitor’s injuries. In essence, renters insurance protects you from: 

  • Loss or damage to personal property

Rental insurance will help you cater to the cost of replacing or repairing your belongings. This can be anything from clothing, electronics, furniture, etc. However, the policy doesn’t cover any personal property loss that goes over your coverage limit. 

  • Liability

With rental insurance, you don’t have to worry about catering for repairs when you accidentally damage your neighbor’s property. It can even cater to a guest’s medical bills if you’re responsible for their injuries. 

  • Additional living expenses

Rental insurance also covers any additional costs you incur like hotel bills, especially during an emergency. For instance, the place where you rent may get damaged forcing you to relocate for some time. Rental insurance caters for such expenses. 

You should get rental insurance coverage with personal property coverage as it ensures that you’ll get reimbursed if you lose your items because of theft. Still, this coverage is subject to deductibles, meaning you’d have to pay installments towards the covered items for the insurer to compensate for the loss. 

The personal property coverage you need

When taking out rental insurance, you’ll have different options in terms of choosing the most appropriate personal property coverage. As a rule of thumb, consider a cover that caters for everything you own. You may need to value all your belongings to figure out how much money it would take to repair or replace them if they were to be destroyed or damaged. 

In conclusion, pick a policy plan with coverage limits that match your situation. Most policies typically cover personal belongings as per their current market value.

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A message from our president – Lori Boisclair

Our Response to the Coronavirus (COVID-19) Global Pandemic

March 20, 2020

As we all adjust to the global impacts of the Coronavirus (COVID-19) outbreak, we would like to
assure you that we are working as hard as we can to provide a healthy environment for our
residents and employees at Boisclair Corporation.

We will continue to monitor the ever-changing situation and are actively following guidance and
recommendations from the Centers for Disease Control (CDC) by taking the necessary actions
to keep everyone safe and healthy.

As of now, our properties remain open for business. We are offering tours by appointment or
you can view virtually as well. Boisclair employees are committed to a safe environment during
these difficult times by practicing and enforcing safety measures including social distancing,
hand washing and sanitizing techniques.

While our sites do remain open, resident events have been temporarily canceled or postponed
across our portfolio until it is safe to reschedule. For now residents are encouraged to
communicate questions or concerns via email or phone. We look forward to seeing your smiling
faces again soon.

Please know that we will keep this page updated with any new information as it becomes
available. We are committed to providing a safe place for our residents and will do our part to
reduce the spread of the coronavirus (Covid-19)

Together we will get through this challenging time. Be well.

Lori Boisclair, President