Safe While Away

March 31, 2022

Whether it's two weeks in Italy or a long weekend trip, incidents can occur while you're away from home. Burglars watch for unsuspecting individuals to leave their houses before they break in and steal valuables. Additionally, stove or electrical wire issues might start a fire that you're unable to put out.

Insurance & home security systems can't stop these events from occurring. However, it can mitigate the financial consequences. Check out the tips below from Apollo Insurance on hour to mitigate the risks and protect yourself while your off enjoying your vacation.

Tenant's and home insurance can provide compensation for belongings that become lost, stolen, damaged, or destroyed while you're away from home. It can also mitigate the financial liabilities of property damage and pay for additional living costs.

The right tenant's or home insurance plan ultimately provides peace of mind so that you can sleep easy while on your European getaway.

This article explains how home and tenant's insurance protect your belongings and home while you're away.

Protect your belongings from theft

Suppose you come back from a long weekend trip. You realize someone broke your front door, and your entire home is a mess — a robbery took place. Besides the emotional toll you face, there are also financial burdens.

You now need to replace stolen items like your TV, computers, and decorations and furniture. This easily costs thousands of dollars — money you might not have.

But home or tenant's insurance relieves this financial burden. The contents coverage of your policy provides the replacement value of whatever was stolen up to the policy limit. Then, you can quickly receive compensation from your insurer and repurchase whatever you need to live a comfortable life.

Repair or replacement costs due to fires or floods

In another scenario, you might come home to find a fire has broken out. Or, heavy rain flooded portions of your home. Both circumstances result in damage to furniture and other belongings.

To help catch these incidents early, it’s important to add flood & fire detectors to your home security system so you can try to address these issues when they arise instead of waiting until your home from vacation.

Whether it's smoke damage or mould caused by the damp environment, expensive replacements and repairs are in the foreseeable future.

Tenant's or homeowner's insurance can also pay for replacement and repair costs when unfortunate circumstances, like fires or floods, damage your furniture and belongings.

This way, you won't have to pay out of pocket to replace your household items. The exception is when you need to replace belongings beyond your policy limit or replace items your insurance agreement specifically excludes, like jewelry, art, and business assets. As a result, you need a separate agreement or an insurance rider.

How much does tenant's and home insurance cost?

Tenant's and home insurance costs depend on many factors. The following are some that can determine your premiums:

  • The age of your building
  • The number of storeys
  • Your location
  • What belongings you own

You can generally decrease insurance costs if you take steps like purchasing a security system or flood-proofing your basement. These steps reduce your insurer's risks by reducing the chance of burglaries and floods.

What else does tenant's and home insurance provide?

Tenant's and home insurance do more than replace belongings. It also has the following benefits:

  • Cover legal liabilities: Suppose someone sues for bodily injuries or property damage related to your home or rental. Respectively, home and tenant's insurance can pay for legal fees and damage awards.
  • Additional living costs: If your home becomes unlivable due to an unfortunate circumstance, a home or tenant's policy can pay for a hotel stay until you can move back in.
  • Pay for property damage: Home insurance also provides repair or rebuilding costs if your house faces property damage due to something like a fire or severe weather.

How to purchase insurance today

You can get a quote and purchase tenant's or home insurance from APOLLO Insurance online in under five minutes. APOLLO is Canada's largest digital insurance marketplace and provides affordable policies to protect your home and belongings.

Our expert insurance advisors can answer questions and help determine the coverage you need. You can even quote, buy, and bind your policy from anywhere, any device, and at any time!