renter's home insurance

renter's home insurance
8 min read

renter's home insurance

What does renters' home insurance cover?

Although it is not a known product, if you live for rent you should know that you can also protect your assets with renters insuranceWhat do the companies offer? What coverages cannot be missing? We will cover it all in this guide.

And if you want to know prices as soon as possible, try the home insurance comparator. You can compare prices and coverage from 10 insurers and save up to 50% on your renter's home insurance.

Compare prices and coverage from 10 insurers and save up to 50% on your home insurance

What is home insurance for renters? Is it mandatory?

How Does Renters Insurance Work? A home policy is insurance that covers the damage suffered by a home as a result of the risks contemplated in it. That is to say: the insurer with which it is contracted guarantees that it will pay for the repair of the damages (electrical, water, aesthetic, etc.) as long as it is thus reflected in the policy. Its coverage can be extended to the continent (the structure of the house and the fixed elements that are part of it) and to the content (the furniture, belongings, and personal belongings that are in it).

Now, what is the difference between home insurance for renters? In essence, none. With home insurance for renters, the container and the contents can be equally protected, as with any other multi-risk home policy. The difference is rather that the risks are expanded to take into account the specific needs of someone who does not own the house and who signs a contract to live there.

For this reason, aspects such as legal defense are taken into account, offering advice and protection in case of breach of contract, for example. Or Civil Liability as a tenant, which guarantees a sum to cover damages caused to third parties. Or theft, in order to protect the tenant's personal assets, which are outside the scope of home insurance that the owner may have.

In no case is it mandatory for the tenant to take out insurance, although it may be highly recommended. Especially if you have particularly valuable personal property (for example, computer equipment). Home insurance for renters provides extra peace of mind, knowing that you are protected in any situation. 

What does it usually cover?

It must be taken into account that each company may or may not include certain coverage as standard or optional and also offer different types of rental insurance, depending on the level of protection. 

In any case, there are a series of more or less common guarantees in most policies, which we will detail below, so that you know in which situations home insurance for renters can protect you.

  • The most interesting coverage for you as a renter is the one that protects the Content —that is, your personal assets— in case of theft, fire, or other covered risks that could damage them. With this guarantee, the company not only covers the cost of replacing the goods, but also the material damage that the incident may have caused.
  • Some companies extend the theft guarantee to the outside of the home. For example, if you are mugged in the street and your jewelry or cash is stolen or if your credit cards are used fraudulently, the insurer offers you compensation for the amount stolen, up to the limit agreed in the particular conditions. of the policy.
  • The Civil Liability coverage responds to situations in which you can cause damage to third parties (both you, as a landlord, and any person in your family who resides in the home). The companies give you various options for amounts to receive, depending on what you agree on in the policy (normally, you can choose between insuring sums of 60,000 euros, 150,000 euros, or 300,000 euros).
  • With the Water Damage guarantee you will be protected against one of the most common incidents.
  • In addition to water damage, electrical damage may be included. For example, if there is a power surge and an appliance breaks down.
  • Assistance, before possible breakdowns of the home. Some companies offer complete assistance coverage that extends the basic guarantees. In many cases, you have a helpline 24 hours a day.
  • Legal defense, in case you have to process a claim.
  • Deposit recovery: if the landlord fails to comply with this part of the contract and refuses to return it to you when you decide to end the rental, despite the fact that you have followed the steps stipulated in the contract, the company supports you by processing the claim of the same.
  • As an optional guarantee, some companies such as Mutua Madrileña include IT advice among their rental insurance services -both for owners and tenants-.
  • Hiring a broader policy - the equivalent of all-risk insurance - can also include more valuable assets, such as jewelry or money.
  • Aesthetic repair of goods.
  • Depending on the company, the list of guarantees may include services such as DIY repairs. This is the case of Caser Inquilinamente, which offers it in its three types of policies for tenants.

What companies offer renters insurance?

Before taking out insurance, the first thing you should do is compare. Thus, you will know which insurers offer the most appropriate solution for you, to ensure your assets and protect yourself against cases such as Civil Liability. In this way, you can choose the one with the best quality/price ratio.

Pelayo: extensive protection for tenants

Pelayo is one of the companies that operate in the home business with policies designed with the needs of the tenant in mind. With Hogar Vivienda Alquilada, Pelayo offers one of the most complete products on the market that includes guarantees such as loss or deterioration of refrigerated food, breakage of kitchen glass-ceramic elements, and infidelity of household employees; coverage, the latter, very rare in-home insurance. In addition, it offers a long list of interesting optional guarantees to complete your protection.

Caser: great protection, better support

Caser also has renters insurance. This is the Caser Tenant policy, designed exclusively for tenants who want to protect themselves against certain risks, with the same guarantees as the landlord. Especially with regard to legal protection. It stands out in its care services, such as Electrocaser, included in the Comfortable and Superior options. In the event of a breakdown of electrical appliances, locate a professional, send him to your home, and take charge of the cost of three hours of his work and travel expenses. With Bricocaser, you can request a professional for DIY tasks. Caser pays 3 h. labor and displacement.

FlexiBásico, FlexiConfort and FlexiVip: three AXA alternatives to protect you as a tenant

With AXA there is a lot to choose from. Because it offers flexible home insurance, which can be adapted to the situation of each tenant, thanks to its three levels of protection. AXA satisfies all the needs of the tenant by offering guarantees such as Civil Liability as a tenant and the possibility of insuring all his assets, even if it is jewelry . Also for the most demanding user, with a long list of guarantees with which to complete home coverage (All Risks, Computer Equipment, Heat Accidents, etc.) and with the extra services that it offers, in three types of Assistance: Basic, Comfort, and VIP

Renter's insurance, also in Verti

Verti contemplates its three types of contracting home insurance, also for tenants; in order to offer those who rent a home the same protection as their owners. As a tenant, it is possible to choose between your Home Insurance S -the basic one, with civil liability, legal defense, and assistance-, your Home Insurance M -multi-risk- and Home Insurance L -the most complete-. Without a doubt, they stand out by offering three levels of Home Assistance, with different advantages. Those who require greater computer protection will have the most complete computer assistance at Digitotal, which includes anti-bullying measures, fingerprint management, and online reputation management, among other benefits.

Oliver Reed 95
Joined: 7 months ago
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