Does Renter’s Insurance Cover Temporary Relocation?February 11th, 2010 by Staff Writer
For some of those who think they don’t need renter’s insurance, looking at additional coverages like temporary relocation costs can show apartment dwellers and other tenants why this kind of policy can be important for them.
When Renter’s Insurance Picks Up the Tab
Renter’s insurance is critical for covering the loss of personal property. When a tenant moves into a building, the structure of that building may be covered by an existing policy held by the landlord or rental company. However, there is no insurance for all of the things that renters pack into a home, from valuable home electronics to jewelry, clothing, appliances or anything else that the space’s temporary inhabitants brought with them.
Renters insurance is a key way to protect all that you own in a rented home. But it also provides for some other considerations, as well. One of these is temporary relocation, when apartment dwellers may have to move out of their building because of some unfortunate event.
Why You Might Need Temporary Relocation Coverage
Any kind of damaging event in a property can make that property unlivable in the short term. Temporary relocation is necessary for wide range of conditions. A fire might create excessively smoky and dangerous environments. Water damage may create molding that decreases air quality. Other kinds of damage to the building may cause various smells, fumes or home hazards that compel a renting household to move out to a hotel or other temporary living space.
Does Renter’s Insurance Include Temporary Relocation Coverage?
Some insurance experts will say that renter’s insurance usually covers this kind of event. However, each type of renter’s insurance policy is different, and customers who want this kind of situation included must ask for it specifically. In the world of renter’s insurance, much of the buying process consists of comparison shopping. Customers need to be able to figure out what kinds of situations and scenarios are covered at various premium costs, to include the things they feel threatened by, in order to hold a renter’s insurance policy that gives them peace of mind about their living situation.
As for temporary relocation coverage, some policies will include this, and some will not. Adding this coverage will generally make the policy more expensive. Customers who may have free places to go in case of a fire or other event will not want this additional cost. Others will gladly pay more to have temporary relocation covered.
In terms of comparing insurance policies, renter’s policies that extensively cover relocation and other extras are kind of like the “Cadillac health plans” that we hear about in medical insurance that cover things like elective cosmetic surgery. But for some tenants, having a safe place to go when their home becomes unlivable is more than an extra consideration-it’s a necessity. Taking a close look at a variety of plans with this in mind will help renters get what they need out of their renter’s insurance policy.