Renter’s Insurance Coverage: What It Covers and What It Doesn’t
Quote and Save Today
If you are a renter, it’s important to understand what your renter’s insurance covers and what it doesn’t.
However, as with any insurance policy, there are limits to the coverage that can be provided. So, to make sure you get the most out of your renter’s insurance coverage, here’s a quick review of what it covers and what it doesn’t.
What Does Renter’s Insurance Cover?
- Falling debris
- Water damages due to plumbing
- Vehicular accidents
Aside from these, here are some additional coverages you can include in your policy.
Damage to Personal Property
If you rent an apartment or house and something happens to your belongings due to one of these events, your renter’s insurance policy can help cover the costs of replacing them. This would be based on the actual cash value coverage or replacement cost coverage.
Renters insurance also provides liability coverage in case someone is injured on your property or if you are found liable for another person’s injuries or property damage.
This coverage can help protect you from paying out of pocket for medical bills or legal fees associated with an accident on your property.
Replacement for Living Expenses
In case you have to leave your home due to a covered incident, renter’s insurance can also provide you with temporary living expenses.
With this, you can pay for any costs associated with staying at a hotel or renting another apartment while repairs are being made to your rental unit.
What Does Renter’s Insurance Not Cover?
Despite that, there are also some things that renter’s insurance doesn’t cover. Keep this in mind so that you can make sure you have the right coverage for your needs:
- Expensive or Valuable Items. Renter’s insurance typically provides a maximum coverage limit for certain items such as jewelry, watches, or collectibles. So, if you have expensive or valuable items, you may want to get additional coverage specifically for them.
- Structural Damage to the Property. As mentioned earlier, renter’s insurance doesn’t cover structural damages. This is covered under your landlord’s insurance policy instead.
- Business-Related Possessions. If you have a business that you operate from home, such as a home office, your renter’s insurance typically won’t cover any losses associated with it. You may need to get a different policy for it.
- Vehicles. Renter’s insurance does not cover your car or other vehicles parked on the property. If you want coverage for that, you’ll need to get auto insurance. However, if there’s anything inside your parked car that was stolen or damaged, it may be covered by your renter’s insurance.
Renter’s Insurance Coverage FAQs
Flooding is typically not covered under a standard renter’s insurance policy for one main reason: damages caused by flooding are too expensive for many insurance companies, so adding it to a standard policy would bump up the premiums too much.
Of course, if you live in a rented apartment or house near a body of water or in a place that frequently experiences storms, getting a separate policy for flood insurance could be helpful.
Renter’s insurance policies don’t usually cover mold as it’s considered a preventable problem. However, if the mold is caused by one of the perils covered in your policy, such as fire, hail, or damaged plumbing, then it may be covered.
Fire is one of the most common perils covered in a standard renter’s insurance policy. This means that if your rental unit or any of your possessions are damaged or destroyed due to a fire, your renter’s insurance should cover the costs of replacing them.
Most renter’s insurance policies cover broken windows due to vandalism or other accidental causes. That said, if the window is proven to be intentionally broken by you or someone living with you, it likely won’t be covered by renter’s insurance.
Whether renter’s insurance covers water damage or not depends on the source of the damage.
If the damage is caused by a covered incident, such as a burst pipe, then it should be covered. Sadly, if it’s caused by something that’s not covered, like spring floods, then you’ll have to pay for the repairs out of pocket.
Renter’s insurance can cover damages or injuries caused by pets, including dog bites. However, it typically only applies to other people, not the legal owner.
For example, if you own a dog that damages your and your guest’s property, only the guest’s property will be covered by your renter’s insurance.
Additionally, not all dogs are covered. Some breeds, like pit bulls, rottweilers, and chow chows, are excluded, as well as any dog that has a record of biting someone in the past.
Pest infestations, including bed bugs, aren’t usually covered by renter’s insurance. Any damage caused by such infestations will not be covered, so you’ll have to talk to your landlord or pay for the repairs out of pocket.
Accidental damage is usually covered under a renter’s insurance policy, but it depends on the specific policy you have. Usually, accidental damages caused by you or someone living with you can be covered if they’re not excluded from the policy.
As mentioned above, most renter’s insurance policies can cover tenant damage, but there are certain requirements.
For instance, intentional damages caused by tenants may not be covered, but accidental damages can be. It’s best to talk to your insurance company to see if tenant damage is included in your policy.
At Magnum Insurance, we understand the importance of having a comprehensive renter’s insurance policy that covers all the potential risks you may face as a tenant.
Because of this, we offer customizable policies to suit your individual needs and make sure you have the coverage you need in case of any unfortunate incidents.
If you have more questions or would like to get a quote, give us a call today!
Magnum Insurance makes Renters insurance easy
Insurance should be easy, and with Magnum Insurance, it is. Get your online insurance done at your convenience now!
Flexible payment options including cash. Call, visit a store, or make a payment online by logging into your account.
Manage your policy. File and track a claim. Do it all with a few taps on your smartphone.
No one likes to file or manage a claim. That’s why we make the process easy with online forms and dedicated agents.
Get a free Renters Insurance quote today
Get the Renters insurance you need with Magnum Insurance. Quote and save today or call an agent today in Chicago.
Is there a local Renters Insurance agent near me?
Try our Location Finder to find the nearest agent near you.