If you are renting a property, being familiar with your insurance obligations not only protects you from unforeseen circumstances, but is also a legal requirement. This article provides a comprehensive look at what those obligations are, and what type of coverage is available for tenants.
Mandatory Basic Coverage
As a tenant, your basic coverage obligations include three main areas:
- Civil liability: This insurance covers any damages that you may cause to others.
- Water damage: In the event that damages are caused due to a capillary rise that hasn't been absorbed, this coverage will come in handy.
- Fire and related risks: This coverage takes care of damages that occur due to explosion, fire, lightning, implosion, falling air equipment, or a vehicle collision.
Optional Coverage
While there are certain coverage obligations that are mandatory, there are other options that are available to provide added protection. These include:
- Natural disasters: This coverage takes care of damages caused by events like earthquakes or floods that have been recognized by the government.
- Technological disasters: Should damages occur as a result of hazardous material transportation, this insurance coverage can help.
- Theft and vandalism: This additional protection is optional but may provide peace of mind for tenants.
- Additional policies: Options such as glass breakage or electrical damage are also available for tenants to consider.
Multi-risk Home Insurance
Multi-risk home insurance, while not mandatory for tenants, is often recommended by insurance specialists. This type of coverage includes everything mentioned in the mandatory coverage section as well as coverage for water and fire damage. It is applicable to both furnished and unfurnished homes, making it a versatile option for those under mobility leases.
Legal Obligations
According to law n° 89-462 from July 6, 1989, tenants are legally obligated to secure home insurance before moving into a rental property. Furthermore, landlords have the right to ask for proof of this insurance both at the time of moving in and at each subsequent contract renewal.