Home insurance is an important part of secure rental living. It provides protection in unexpected situations and can help cover costs if, for example, your belongings are damaged or your home suffers a loss. At Colliers, tenants are required to have a comprehensive home insurance policy that also includes personal liability insurance. You are free to choose your own insurance provider. Below, we have compiled the most important things every tenant should know about home insurance.

Why Does a Tenant Need Home Insurance?

As a general rule, the housing company's or property's insurance does not cover a tenant's personal belongings. That is why it is important to have your own insurance coverage for your possessions.

Depending on the terms and level of coverage of your policy, home insurance may help in situations such as:

• Fire or other fire-related damage

• Water damage

• Theft or burglary

• Damage to household belongings

• Situations where you cause damage to another person or someone else's property

Covered incidents and compensation amounts always depend on the terms and conditions of your insurance policy. For detailed information, please contact your insurance provider.

What Does Comprehensive Home Insurance Mean?

Home insurance policies are available with different levels of coverage. In Colliers' rental properties, tenants are required to have a comprehensive home insurance policy that includes both home insurance and personal liability insurance.

Comprehensive home insurance generally provides broader protection for your household belongings against various sudden and unforeseen events than a basic insurance policy. However, the coverage and terms may vary between insurance providers. When purchasing insurance, it is therefore important to confirm with your insurer that the policy meets the requirements of your tenancy agreement.

Why Is Personal Liability Insurance Important?

Personal liability insurance is an essential part of a tenant's insurance coverage. It can provide protection in situations where you cause damage and are legally liable for compensation.

For example, damage caused through negligence can result in significant costs. Subject to the terms and conditions of your insurance policy, personal liability insurance may help cover such expenses.