What does renters insurance cover? Exploring various renters insurance coverage is a good option in selecting the best renters insurance that suits you. Before purchasing any insurance policy, the need for better understanding of what it covers and what it does not cover is required. This gives you an insight into what coverage will be included in your policy. Understand that renters insurance is different from landlord insurance and not only will offer you renter insurance when you rent an apartment or room.
The difference between renters insurance and landlord insurance is that the coverage includes property that includes insurance for the building and not your personal property. For instance, if your item was stolen, the landlord will not be responsible to cover the loss of the item. But with a renters insurance policy coverage, the insurance company will pay for the replacement of your belongings and not the landlord.
Initially, renters insurance is not mandatory like auto insurance, but most landlords require renters insurance before you can rent an apartment or room. Hence, in your renters insurance policy, you need to know what it covers and what it does not cover. This will determine whether they will be a need for optional renters insurance coverage.
What is Renters Insurance?
Renters insurance is a type of insurance that cover your personal belongings in case of any unforeseen event including theft, fire, and other disasters. Similar to the way insurance works, it helps to cover the expense of the items if you’re used for causing harm to others. A genuine renters insurance policy includes three types of coverage that not only protect your personal belongings but also you can your living arrangement after a covered loss.
Renters insurance can also be called tenants insurance or an HO-4 policy, have the same policy as homeowners insurance, only that it is meant for people who do not own their own place. Also, renter insurance is affordable compared to homeowners insurance and cost about $14 a month.
What Does Renters Insurance Cover?
Just like I mentioned earlier, a genuine renters policy includes three types of coverage. But we will be providing you with four types of coverage including a standard renters policy. This includes:
| Type of coverage | What it does |
| Personal property | This includes your personal belongings like clothing, furniture, electronics, and others. |
| Loss of use | This pays for your living apartment after a covered loss of undergoing covered repairs |
| Liability | Cover your expenses if you injured someone or damage their property. |
| Medical payment | Cover medical bills to other people in your home whether or not it is your fault. |
Personal Property
You will be covered for the loss of items and other personal belongings due to unforeseen events that include the following:
- Fire or lightning
- Windstorm or hail
- Theft
- Vandalism or malicious mischief
- Volcanic eruption
- A falling object
- Smoke
- Riot or civil commotion
- Explosion
- Damage caused by vehicles
- Damage caused by aircraft.
- The weight of ice, snow or sleet, and more.
Loss of Use
If you can’t live in your home due to any of the following events mentioned above and you have to stay in a hotel. Your renters insurance policy will cover your expenses such as hotel bills, restaurant meals, and other costs.
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What Does Renters Insurance Not Cover?
Almost all insurance policy including auto insurance does not cover everything. However, there are some aspects that renter insurance does not cover. Here are the following things that your insurance policy won’t pay for:
- Flood damage
- Earthquake damage
- Infestations
- Your roommates belongings.
If the following events cause damage to your personal belongings or property, your policy won’t cover the expenses on the damage or loss of items.
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FAQs About What Does Renters Insurance Cover?
Does renters insurance cover theft?
Yes, your renters insurance policy also includes theft of your personal belongings even if you were not at home. For instance, if you lost your phone or it was stolen from your pocket, you are covered by the insurance company to pay for your loss.
Does renters insurance cover water damage?
Yes, renters insurance covers water damage, but it actually depends only if the cause of the water damage is a peril included in your policy. For example, if due to a burst pipe your property got damaged, you will have coverage, but if due to flood, you won’t.
Does renters insurance cover theft from car?
However, if your car was stolen, you need to file a claim under the auto insurance company insuring your car and not your renter policy. But if any items were stolen in your car like laptops and others, then it will be covered by your renters policy.
Does renters insurance cover storage units?
Yes, renters insurance covers a storage unit. Similar to the fact that your renters policy protects your personal property while you travel, it also offers protection when you place your belongings at your friend’s place or somewhere besides your home.
Does renters insurance cover broken windows?
Yes, renters insurance covers broken windows, but it depends. For instance, if your bedroom window was broken due to a falling object like a falling tree branch in a strong wind, then you’re covered. But if caused due to some play by doing catch and fetch with your dog, it does not cover.
Does renters insurance cover pet damage
These vary on your coverage and also the type of damage. For instance, if your dog goes playing in your neighbor’s house and mistakenly knock over a valuable item with his tail, you should be covered by liability insurance. But if it was damaged with its fluffy claws, then you would have to pay for damage and if your policy includes pet damage coverage, you’re covered.
Does renters insurance cover dog bites
Yes, renters insurance cover dog bites on someone outside your household. Your insurance policy will pay for the medical bills. But some insurance companies do not include dog bite coverage because of certain breeds of animal that have a history of aggression.