The Home Contents Insurance policy is what tenants purchase to protect their assets and themselves if a personal liability claim is brought against them. This policy provides valuable cover whether you are renting a home, apartment, or house.
What is covered on a Home Contents Policy?
Personal Property: Your personal property is everything you brought with you to the residence you are renting. Your furniture, clothing, small appliances, electronics, jewellery, and art are all considered personal property. This insurance pays to repair or replace any or all of your personal property in the event it is damaged or destroyed due to a covered peril or risk.
Although there is cover for jewellery and other expensive items, the cover is typically limited and may not be sufficient to cover your loss. In cases where there are high-value items, additional insurance can be purchased to make certain limits are sufficient.
Personal Liability: Personal liability protects you financially if a third party (visitor) is injured on or in the property you are renting.
Additional Home Contents Insurance coverages: Most insurers offer optional cover that may be required to meet your individual needs:
- Loss of Use: Loss of use is triggered if you must temporarily live elsewhere while your rented property is under repair and unavailable.
- Fatal Accident: This cover is available if you or a family member passes away due to an accident caused by fire or burglary.
- Storage Off-Premise: This cover pays if you must store your furniture away from your primary residence for up to 30 days.
- Sports Equipment Cover: Provides worldwide cover for specialty sports equipment while you are traveling.
For residents living in Hong Kong, it’s important to know that your landlord’s insurance will not cover your personal property or personal liability and that you can easily transfer these risks to an insurance company for a very affordable price.
For complete product details and pricing, speak to your Trusted Union insurance adviser about your home contents insurance risks to get the information you need to make a smart and informed decision