If you are debating on whether or not to purchase a renters insurance policy, it’s a good idea to know exactly what you will be getting from it and what it doesn’t cover as well. Insurance is always a fail safe and that is why people are skeptical to purchase a policy because they think it won’t be of use, but knowing exactly what it covers can help make the decision just a little bit easier about the policy that would be best for you and your individual situation.
If you are renting any sort of property such as a condo or an apartment, you can purchase renters insurance. Renters insurance is used to protect you from damage to your property in an unexpected scenario like theft or other such damage. It is different from homeowners insurance because it’s cheaper and it doesn’t actually cover damage to the building or structure itself.
There are four main instances when renters insurance can provide coverage
- Personal property damage: damage to your belongings in an event that is covered in your policy like fire or theft
- Personal liability: damage to someone’s property or if someone is injured and you are at fault
- Additional living expenses: if you’re unable to live in the property you are renting and need to pay to live elsewhere
- Medical payments: coverage for medical costs due to someone being injured on your property
Although renters insurance can come in handy if something unfortunate happens to your property or to someone visiting your home, it’s important to take note of the details of your policy since not every scenario is covered. For example, if you find yourself needing to file a claim due to your personal belongings being damaged, how they were damaged can affect the success of your claim. Most policies contain a list of perils that are covered like fire or theft.
Some policies will include some other less typical coverages as well
- Debris removal: debris left behind after a loss can often be covered at least partially
- Building additions or alterations: damage to upgrades you covered out of pocket
- Credit card and check forgery: limited but can be used to cover in the case of theft or fraud
- Food spoilage: loss of food due to power failure in your unit
Now that you are clear about the things renters insurance can help to cover, it’s also important to know what it doesn’t cover.
- Bed bugs and pests: There’s two words that anyone living anywhere never wants to hear when it comes to their home and that’s: bed bugs. Along with other pests, they are not covered in renters insurance policy and are considered a maintenance issue.
- Earthquake and floods: A flood or earthquake is not typically covered in a renters insurance although they can cause serious damage especially if you live in an area where they are more likely to happen.
- Car theft or damage: Even if your car is on your property, it is not covered as part of a renters insurance policy but will need its own auto insurance. Luckily, we can help by bundling these products; saving you money and increasing your coverage.
- Roommates’ Property: Your policy won’t cover your roommates unless they are added to your policy which is not recommended as it splits the amount you’re both covered.
Contact Us Today!
If you are on the fence about choosing a renters insurance policy, we hope you can see the many advantages it can provide while keeping you and your belongings safe in a multitude of scenarios. The Willoughby Insurance team is here to help, so don’t wait to give us a call today!