Are you renting your current property or thinking of renting a new place? If you haven’t secured renter’s insurance yet, now’s a good time to start looking. Why?
Accidents happen. And when you’re renting a home, you may be held responsible for paying for them. You want to be sure that if an event arises, it doesn’t hurt your renter reputation or financial health.
Fortunately, renters insurance covers a surprising amount of areas. But what all does renters insurance cover – and what it does not cover? Read on to learn the ins and outs of this important insurance coverage.
So What Does Renters Insurance Cover? Common Questions Asked About Renters Insurance
We get a lot of questions from people trying to learn what all renters insurance covers. Some of our most common questions can answer how your policy can help when you find yourself in a pinch.
Does renters insurance cover all of my property?
Yes. When you’re making your policy, you can select a plan that covers however much your property is worth collectively.
You’ll be asked to create a list of specific areas you need coverage on. This includes any valuable items you have at home, such as electronics, jewelry, and art.
Can I change my policy after I made it?
Yes, and most people have to adjust their insurance policy because of common lifestyle changes. If you add a roommate, family member, or furry friend to your home, you can add them to your policy.
And if you need to reassess how much financial coverage you need for your property, you can adjust this whenever you’d like. Fortunately, making these changes in your policy only takes a few minutes.
Does renters insurance cover property damage?
The short answer is yes. Property damage is usually covered by your landlord’s homeowner’s insurance policy. But when a tenant is found to have caused damage to the property intentionally or on accident, they’re usually the ones that end up being responsible for paying for repairs and replacements.
Why do landlords require renters insurance?
It’s mainly to protect you in case an accident arises. While their insurance policy covers most areas, there are some key things that their policy won’t cover. Here are some of the big ones.
Theft Recovery
Did you know that a robbery occurs every 23 seconds in the United States? And in 2018, North Carolina was the 6th state in the nation to report the highest number of break-ins.
If you forgot to lock a door or window, or if you didn’t turn the security alarm when you left for the night, you’re likely putting your home at greater risk of burglary. And if you don’t have renter’s insurance, you’ll have to pay out of pocket to replace the stolen property.
With renter’s insurance, you’ll get reimbursed for everything you document in your incident report. And if your family or friend’s property was stolen during the break-in, this can be covered as well. You can even get reimbursed for cash that was stolen from within your home.
Fire Damage
The Insurance Information Institute (III) reports that every year fires and lighting have been the most expensive form of damage to residential properties. And with the average number of house fires reported every 87 seconds, you very well may be impacted by a house fire.
If this fire is caused by an accident or negligence on your end, you’ll be responsible for repairing everything. So if you don’t have renter’s insurance, you may find yourself in a lot of debt. Fortunately, even if you are at fault of the fire’s cause, renter’s insurance is there to cover these costs for you.
Water Damage
Another common cause of property damage is water damage. Natural incidents, such as storms or floods, are common causes of property water damage. It’s also common to have damage occur from overflows in the home’s plumbing or HVAC systems.
However, simple accidents can also cause significant water damage. If you leave a faucet on, accidentally damage or activate an interior fire sprinkler, or have an accident with your home’s pool or sauna, you could be facing major consequences. Water damage can harm the interior of the home, its internal systems, and your property.
Replacing these damaged areas alone can be timely and cost hundreds of thousands of dollars. And when you account for the hourly costs of technicians needed to complete these repairs, your bill can increase exponentially. Fortunately, by filing a claim through your renter’s insurance, these costs will all be covered by your insurance provider.
Other Coverage Provided by Renters Insurance
Rental insurance coverage doesn’t just help you out when damage or theft occurs. When accidents happen at your house, your renter’s insurance policy will help you with other predicaments you might come across.
Additional Expenses
If an incident in the home causes you to temporarily relocate, the renter’s policy will pay for these expenses. Consider your hotel expenses, moving fees, food expenses, and many other incident-related expenses covered.
Need a storage unit? In many cases, your insurance policy will pay for this, too. When you obtain your insurance policy, you’ll get a detailed list of any additional expenses that will be covered in the case of an accident.
Liability
If someone gets harmed on your property, renters insurance will cover their medical expenses. So if your pet gets a little too snappy with a friend or if someone slips when they are at your house, your insurance company will foot the bill.
Is Renters Insurance Right for You?
If you’re renting your home, it’s not always mandatory to get a renters insurance policy. But having this insurance will keep you protected when unforeseen circumstances occur. And when you work with our agency, we’ll create a personal policy for you that will cover as little or as much as you’d like.
The benefits of renters insurance far outweigh the costs of coverage. With policies as affordable at seven dollars per month, you’ll be spending very little for peace of mind.
Does renters insurance cover more areas? If you’re looking to learn more about this type of insurance, we’re happy to help. We have experts available 24 hours a day (seven days a week) to answer any questions you might have.
Ready to get protection for your rental property? Contact us today so we can ensure you’re properly insured with affordable, comprehensive renters insurance.
