Thinking about renter’s insurance may be the last thing on your mind when you are getting settled into temporary accommodation arranged through corporate housing companies. It is easy to assume that the landlord or your employer will have everything lined up in case something happens. If the thought of obtaining a renter’s policy “just in case” did occur to you, you probably shook it away. After all, the furnishings in your temporary apartment are not yours, so why worry about covering them against damage?
Before you decide that you don’t need the additional coverage and peace of mind that a renter’s policy can bring, consider what may not be covered if something catastrophic happens. The fine print in your corporate housing company’s lease can provide you with an idea of what they will cover and what you will need to take care of yourself.
6 Benefits of Buying Renter’s Insurance
- Unnatural (Electrical) Fires: Your lease may have terms and conditions that exclude the landlord from covering damage due to a short circuit in the electrical system. If it’s not covered, it is possible that you will be responsible for any smoke and fire damage. Additionally, if you are staying in a corporate rental apartment and the fire spreads, you may have to pay for the damages to other tenants’ belongings. Your renter’s policy may help to cover this.
- Natural Disasters: If the property is damaged because of natural disasters such as a wildfire, flood, or tornado, the rental company may fix the structure. They will not necessarily reimburse you for your lost personal belongings. Your renter’s policy could step in and the unexpected expense if you discussed it with the insurance provider and bought coverage accordingly.
- Hotel Coverage: If you have to leave your temporary housing hurriedly because it becomes unsuitable to occupy, a renter’s policy may cover any hotel expenses you incur.
- Liability When Others Are Injured: It may be easy to assume your guests will be safe in your extended stay apartment. However, if a guest slips and falls on a loose step, you could be liable to pay their medical expenses. You can arrange for such liability to be covered in your tenant insurance policy.
- Damages You May Cause: Accidents happen, even with the utmost care. If you break any furniture or amenities, or damage a wall, your policy could cover those unforeseen circumstances.
- Theft: If someone breaks in and steals your personal property, the corporate housing company is not liable. When you list your items on a renter’s policy, you can get coverage that protects your loss of property due to theft.
Obtaining a renter’s policy is not difficult. If you are interested in having additional peace of mind, you can easily shop online or reach out to your current insurance agent. You might even receive a discount for adding a renter’s policy to your existing policies. You may never have to claim damages when staying in a temporary corporate rental unit; yet, it’s a small price to pay for the extra security. If you have questions or need assistance finding short-term rental insurance options, contact our friendly and knowledgeable team.
Call us at 800-990-7368 to learn about rental options for your corporate housing needs or request a free quote online.