Renters insurance in Cyprus in 2023. Best quotes.
Renters insurance
Sometimes referred to as tenant insurance, renters insurance can cover theft, bodily injury, damages, and more in a rented property.
Whether you rent a flat, house, or even student accommodation, acquiring renters insurance is advisable to protect your home and possessions in case of a covered accident.
Table of contents
- What is renters insurance?
- Do I need renters insurance?
- What does renters insurance cover?
- Renters liability insurance
- What is not protected by renters insurance?
- How to file a renters insurance claim?
- How much is renters insurance?
- Best renters insurance Cyprus
- Apartment renters insurance
- Renters insurance FAQ
What is renters insurance?
Renters insurance is designed to protect renters and their belongings. Most standard renters' policies include a group of coverages (with additional options for extra protection).
A renter policy typically has three types of coverage that help protect you, your personal belongings, and your living arrangements from covered losses.
We will cover how each type of coverage works.
Do I need renters insurance?
Even if your landlord possesses building or home insurance, it doesn’t mean your belongings are protected as a renter.
By default, landlord insurance doesn’t cover their tenants. Here are some scenarios when you would need protection.
- Your flat was burgled
- Your belongings were damaged in a fire
- One of your guests tripped and got hurt in your house
- A pipe burst in your block of flats and caused water damage
While building insurance and repairs are primarily your landlord’s responsibility, you have some responsibilities as a tenant.
You need a renters insurance policy to cover the above and many other disasters.
What does renters insurance cover?
Renters insurance covers unexpected events, otherwise known as covered damages and perils.
It’s impossible to prevent all perilous situations, such as injury, theft, or a fire, and that’s when renters insurance can help.
You will find the following coverages in a standard policy.
Personal property renters insurance. This portion of the insurance covers your belongings (up to your policy limits), such as household items, electrical devices, clothing, and furniture. It can pay for the cost of repairing or replacing your stuff.
Loss of use renters insurance. This coverage reimburses living expenses if covered damages force you to move out. It can pay for temporary accommodation if the place you rent becomes uninhabitable.
Liability renters insurance. This coverage protects you if you are found responsible for a guest’s injury or if you accidentally damage their belongings when they visit your home. It can pay for repair or legal costs.
We will cover this insurance in detail below.
Renters liability insurance
A lawsuit could bankrupt you if you are sued after someone gets hurt in your rented property. The liability portion of your insurance policy covers you for such events. It will pay out for bodily injury or accidental death on or off your property.
Renter's liability insurance also covers accidental damage caused to others’ belongings.
It might also pay out if your dog bites someone. However, some insurers do not cover certain breeds like Akita and German Shepherds. If you have a dog, make sure your insurance policy covers you.
Most renters insurance typically covers legal representation if a claim is made against you.
Scenario
Suppose you start filling your bathtub with water, then get distracted by a phone call.
By the time you come back, your bath has overflowed. The water seeped through the ceiling, damaging fixtures and fittings in the apartment beneath yours.
The renter downstairs sues you. Your renter's policy could cover your legal bills plus the money awarded to your neighbor to pay for the loss of fixtures and fittings.
What is not protected by renters insurance?
Personal property coverage in your insurance package may not protect everything you own.
Certain belongings, such as valuable jewelry or fine arts items, have limited coverage under most renters' insurance policies.
In general, you won’t have cover for the following items.
- Antiques
- Valuable jewelry
- Collector items
- Valuable artwork
You may be able to add extra coverage to your renter's policy to help protect your valuables. Often known as scheduled personal property coverage, your insurance agent can help determine if you need this coverage.
In addition, a renters insurance policy does not cover your belongings against certain events.
Generally, natural disasters such as flooding and earthquakes are excluded, but you can buy specialized policies for these events.
- Infestations and mold. Most renters' insurance won’t cover negligence, mold, mice, bedbugs, and other infestations. You can get specialized coverage to cover such events.
- Your roommate’s belongings. Most renters insurance won’t cover the belongings of other people you live with unless you share a policy with them (but not all insurance providers allow that). In most cases, it’s best to have your own renters policy.
- Flood damage. Standard renters insurance doesn’t usually cover damage from flooding, including weather events or overflowing water damage. If your home is in an area at risk of flooding, you should consider buying a separate flood insurance policy.
Your policy may not cover other hazardous events, so always review your policy documents.
How to file a renters insurance claim?
Here are some tips if you need to file a renters insurance claim.
Depending on the extent of damages, your claims process may vary.
- After the damage, contact your insurance provider immediately to report the claim. Let them know if any emergency repairs are needed.
- Document what happened and note the damaged items in writing. Take photos or videos of the damage. Make sure you take photos before any repair work begins (if applicable).
- In case of a theft, you should accurately report all of the stolen items and communicate with the police.
- Your insurance agent will question you about the damage. You can also ask questions about your policy’s coverage and limits to understand your options.
- Don’t forget to protect your belongings from further damage.
Key takeaways
Renters insurance is also known as tenant insurance. It can cover theft, injuries, and fire damage.
No matter what type of accommodation you reside in, renters insurance will protect your home and belongings from covered accidents.
A renter policy typically covers personal property, loss of use, and liability coverage.
The liability portion of renters insurance can cover you if accidental damage is caused to others’ belongings or someone gets injured on your property.
You can receive legal representation with renters insurance for alleged claims.
Renters insurance has exclusions. You may need additional coverage for certain belongings, such as antiques, valuable jewelry, collector items, and valuable artwork.
Pest infestations, other people’s belongings, and flood damage are usually not covered.
How much is renters insurance?
The cost of renters insurance depends on various factors and the coverage you need.
In summary, the following factors affect the cost of insurance for renters.
- The value of insured belongings and contents
- The value of your portable items (i.e., jewels, laptops, smartphones, professional equipment)
- Type of property (e.g., maisonette or block of flats)
- Your previous and current claims history
- Number of levels and types of rooms (e.g., cellar or basement)
- Property details, including construction materials and age of the building
- The monthly rental you pay in case you are covered for relocation expenses
Best renters insurance Cyprus
Pitsas Insurances can help you find the best renters insurance in Cyprus.
If you are searching for an affordable option, we can help you find cheap renters insurance.
Apartment renters insurance
Pitsas Insurances have specific packages for insuring apartments. We can help you get affordable renters insurance.
Why get renters insurance with us?
- Low excess rates
- Comprehensive contracts
- Clear terms and conditions
- Tailor-made insurance packages
- Additional coverage and customizable options
Renters insurance quotes
Without renters insurance, you could face unnecessary financial stress in the event of theft or damage.
Pitsas Insurances can help shoulder financial burdens with specialized renters insurance.
For more information about renters insurance, please visit our website.
To get a personalized quote for renters insurance in Cyprus, complete our questionnaire.
Renters insurance FAQ
Here are frequently asked questions about renters insurance.
How much personal property coverage shall I get?
Consider everything you own to calculate the amount of personal property coverage you need.
The value of your possessions quickly adds up. You need to calculate how much it would cost to replace your belongings if they were damaged or completely destroyed.
When buying renters insurance, you can choose what type of personal property coverage you want. You should consider the following.
Set appropriate coverage limits. Compiling a list of your belongings can help you assess their total value and help you determine how much content coverage you need.
Personal property coverage is usually divided into replacement costs and actual cash value.
Replacement cost. This will provide enough financial compensation to replace your covered items without considering depreciation.
Actual cash value. This accounts for depreciation and covers belongings up to their current market value. As such, the compensation you receive for your old phone, for example, may not be enough to buy a new one.
Does renters insurance cover theft?
Yes, renters insurance usually covers theft of your belongings, whether you’re at home or not.
For example, renters insurance would pay to replace your covered possessions if someone broke in and stole them from your home.
Remember, your insurance provider will subtract your deductible from your payout. So if the stolen item isn’t valuable, filing a claim might not be worth it.
Does renters insurance cover water damage?
Renters insurance can cover water damage, depending on the circumstances. You should have coverage if water damage results from a peril named in your policy.
For example, damage caused by a burst pipe will likely be covered, but water damage from a flood usually isn’t (unless you have specialized flood insurance).
In addition, water backup coverage for sink and drain backups is covered by a separate policy.
Does renters insurance cover fire?
Yes, renters insurance covers the damage caused by fire. The main exemption to this rule would be if you intentionally set the fire.
Fire damage is one of the most common covered perils in renter insurance. Also referred to as named perils, other covered examples are vandalism, windstorms, and hail.