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When you decide to rent a home you really need to consider getting adequate renters insurance. Some renters mistakenly believe that the property, home or apartment owner has enough insurance to cover their belongings in the event of damage or robbery. It is simply not true. The truth is that landlords' insurance is limited to damage to the building structure and to liability coverage for the common areas, only. Landlord's insurance does not cover your furniture, personal possessions, or damage you might do to the landlords building. Convenient or not, the responsibility of all the things you own falls squarely on your shoulders. The well being of your rental property can also fall within that category. Surprisingly, there are a lot of people who don't even secure any renters insurance for themselves. Ask yourself if you could honestly afford to replace your possessions should they be stolen or damaged. Every renter should be insured to cover their personal possessions and even more importantly, for liability coverage. Everything that occurs in your rental unit is under your liability umbrella. So you need renters insurance to protect your possessions and liability inside your home. What Renters Insurance Covers So what exactly does personal property coverage do? It helps you buy paying to replace personal property that has been stolen, or damaged by a specific event. Take an inventory of everything you own - your clothing, your furniture, your appliances, and of course, your beloved electronics. This process will help you accurately assess how much insurance you need. Getting an accurate dollar value on your possessions will allow you to properly cover your property. All of this will help you in the event of a disaster. In the end, you'll be better prepared to deal with a potential situation. Some expensive items like computers and electronics, may not be sufficiently covered by a standard policy, so you may need to purchase additional coverage for these items. When your home is uninhabitable and you need to pay for additional living quarters, additional living expenses coverage will kick in. It covers your hotel bills and any other additional expenses you may incur. With additional living expenses you can rest assured that you're never going to find yourself homeless just because your house is temporarily uninhabitable. The limits of your additional living expenses vary by insurance provider, however, so it's a good idea to know what your policy's limit before you start running incurring expenses. If you are found liable for injuring someone or damaging their property then your personal liability insurance would kick in. The amount of liability coverage you need really depends on the amount of assets and exposure you have. If you are found negligent in a situation where someone was injured, your liability protection will pay for things like personal medical bills, rehabilitation, lost wages, etc. With the large number of people running home based businesses these days, it's important to be reminded that your personal liability coverage from your home insurance does not cover your business. They are separate entities. You will need to purchase a separate policy for your business in order to insure your policy remains valid. We are one of the few Canadian insurance providers specializing in home insurance, offering the only home insurance policy in Canada that can truly be tailored to your individual needs. Visit us online to learn more about Alberta Home Insurance resources. Click http://www.squareoneinsurance.ca/ for more details on our online services.
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Alberta home insurance, renters insurance, personal liability,
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