Travel insurance vs. Renters Insurance: Which Do You Need for Your Corporate Housing Stay?
You're planning a long-term business trip in Washington, DC, and you've decided to rent a corporate apartment. But what's your obligation as a tenant? Should you purchase renter's insurance, or would travel insurance be more appropriate? Let's look at the two and determine which version will suit your needs during your stay.
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Why would you carry travel insurance? What, exactly, does travel insurance cover? Here's a breakdown to help you decide if travel insurance is appropriate for your long-term stay.
1. Trip Cancellation Coverage
Honestly, unless you're asked to make a non-refundable deposit on your corporate apartment, it's unlikely that this would be a necessary benefit for you. This also applies for non-refundable airline tickets. But be careful—most insurance companies have a very strict list of reasons for trip cancellation. If you don't adhere to this list, they won't reimburse you. Here are a few of the reasons they consider reimbursable:
- Sickness, injury, or death—your own, or that of a family member or a traveling companion
- Weather damage, such as a tornado or hurricane, resulting in a cancelled flight or reservation
- Terrorist incident in the city of destination
- Jury duty (your own)
- Laid off from work, or required to work during travel time
2. Medical Emergencies Abroad
This would be of no use to you if you're a resident of the United States; presumably, your own medical insurance would be applicable should you become ill in DC. The medical emergency coverage cannot be used within your own country.
3. Emergency Evacuation Coverage
Emergency Evacuation Coverage is meant to pay for serious medical situations that require you to be airlifted or to take a medically equipped flight. Additionally, this coverage will pay for you to be transported to the hospital of your choice.
4. Luggage Loss, Delay, or Theft
There are add-ons to travel insurance that can cover you should you have unexpected issues with your luggage. If your bags were to be damaged,lost or stolen, this coverage will reimburse you for your belongings. Should your luggage be seriously delayed, travel insurance will give you the cash you need to buy essential items to get by until your bags arrive. This could be useful, particularly if you've got client meetings scheduled and you don't have the appropriate business wear due to missing luggage.
Overall, travel insurance probably won't be of much use to you as a long-term business traveler. (For one thing, your airfare will most likely be paid for by your company, so it won't really be affecting your personal cashflow if you're unable to travel for any of the reimbursable reasons.)
What is renters insurance, and what does it cover? Would it be beneficial to carry renters insurance during your long-term business stay in a corporate apartment in DC? Let's look at what renters insurance is, and what it will cover in the event of an emergency.
1. Personal Property
If you're planning to stay in the DC area for at least a month, it's likely that you'll be bringing many of your personal possessions. You'll probably have both business and casual clothes, your laptop and other technology, not to mention any items you've brought along to make your corporate apartment feel more like home. If there should be a fire, or water damage, or even theft, renters insurance would cover the cost of your belongings.
Liability coverage will assist you should you be found legally responsible for an injury to another person or damage to another person's property. Say, for example, a guest at your corporate apartment trips and falls over something in your apartment; if that person is seriously injured, with significant medical bills, liability coverage will help you cover the costs.
3. Alternative Living Arrangements
Should something happen that renders your corporate apartment uninhabitable, your renters insurance will provide compensation for an alternative living arrangement. It might even help you out with the additional costs for food you would incur, because you would not be able to cook in your apartment.
Renters insurance is very inexpensive—it averages between $10 and $20 per month—for the amount of protection it provides. Some landlords require you to carry renters insurance for liability purposes. (Corporate Apartment Specialists requires any tenant of their short-term rentals to have renters insurance.) For peace of mind, and protection of your property as well as coverage in the event of an unexpected accident that will leave you responsible for medical bills, it's just good sense to obtain renters insurance before your trip.
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