It may be easy to go for an off-the-shelf tenant insurance policy. However, taking the time to customize a policy based on your needs can go a long way. The following endorsements should be considered for an extra sense of security.
1. Personal property endorsement
Do you believe that just because you have renter’s insurance all your belongings are secure and will be replaced at full cost if they are damaged, destroyed or stolen? THINK AGAIN. It’s not that simple. Your policy will have exclusions and upper limits on the amount it will pay for damage or loss of certain items. If you have valuables like fur, jewelry, paintings or antiques, then you may want to consider reviewing your policy to schedule an endorsement. Scheduling personal property endorsement can provide coverage for valuables that may not entirely be covered in the basic renter’s policy.
2. Home business endorsement
Do you run a business from home? If yes, you might want to consider the home business endorsement. Your renter’s policy is applicable to your personal belongings, not your business-related items. The home business insurance endorsement will provide coverage for business related items being used in the home setting.
3. Replacement cost endorsement
While actual cost valuation can result in a cheaper policy, we know that the replacement cost valuation pays off better in the event of the claim. It may be possible to add the replacement cost endorsement for the specific property. This means that in event of a claim, that specific property would be replaced at the current market value.
4. Earthquakes endorsement
Tenant insurance may not provide coverage for damage caused earthquakes. If you live in an area prone to natural disasters like earthquakes, it would be good to add the earthquake endorsement to your renter’s insurance policy.
5. Identity theft endorsement
An identity theft endorsement can cover costs such as legal fees, filing and mailing paperwork to official authorities, and dealings with the credit bureaus to correct any inaccuracies.
Zensurance is Canada’s leading online commercial insurance broker. We offer a full range of insurance products to small businesses, with a particular focus on digitizing businesses and technology startups. We understand what it is to work with new technology, and know the most common risks of which you should be aware. Based on that (and a lot of analytics), we recommend the ideal insurance coverage for your business.