Do you have renters insurance? If you are thinking about or currently renting a home or apartment, you should consider getting renter’s insurance, which helps replace your belongings if they are stolen or damaged during a covered event. Here at Fearnow, we can help you get the right renter’s insurance policy for your needs and explain what losses the insurance covers.
Understanding What Renters Insurance Covers
Exact items covered by your renter’s insurance may vary by policy. But in general, most items that are owned by you will be covered. Keep track of all of your worthy possessions, including proof of purchase and ownership, where applicable. This will be needed in the event that insurance needs to be utilized. Coverage of items does not include the property itself, since you are merely renting. The landlord will need their own coverage for that. Likewise, their insurance will not cover your items. This is why it’s important to get your own rental insurance. However, there are some exceptions to rented property, so be sure to read and understand your policy.
Damages From Malicious Acts
If someone breaks into your home, this is a malicious act. If damages occur, as a result, those are likely covered. This also includes the theft of items you own during this robbery or break-in. The same is true of acts such as vandalism and other types of theft. This may mean unlawful and purposeful destruction of your property by someone other than you. Rioting and civil unrest also fall under this category of renter’s insurance coverage. Damage to vehicles and aircraft may also be covered if done so on the rented property.
Accidents are considered to be anything that happens through no fault or insight of your own. This might be things like fallen trees that destroy your vehicle, property inside the home, and more. It could also include damage that occurs from plumbing or fire emergencies. For instance, a pipe could burst and cause your home to become flooded. A faulty wire could also cause a fire that destroys some of your belongings or even the home. Smoke and water damage are common types of accidental damage. Policies will vary on what is considered to be an accident but be sure you have a good log of your items so that if this does occur, you will know what to start a claim for.
Certain Types of Weather Damage
If a hurricane, tornado, or other weather event occurs, your renter’s insurance may also cover this. Snow can cause excess weight and water damage to the roof and other areas of the home. These could be covered under your plan. The same is true for weather events like frozen water pipes or water damage from those and other types of weather, like sleet, ice, and hail. Check your specific policy to understand which types of weather and in what instances you will be covered. Weather events can cause flooding, broken windows, roof collapses, and many other unexpected occurrences. When your possessions fall under the covered items, having this type of coverage can be a major relief.
Prevented Usage of the Property
Sometimes there may be events that prevent you from using the property you are renting. Things like mold, water damage, or weather acts might actually make the premises uninhabitable. Mold can get into the walls, which can be a health hazard. Floods and fires can cause damage and health risks that would make it unsafe or impossible to live on the premises. This may cause unforeseen expenses until the repairs or adjustments are made. Renter’s insurance may cover these expenses needed to board elsewhere for a certain amount of time.
Special Items that May Be Covered
There are some items that have limited, special, or no coverage for various reasons. Items that have limits as to what can be covered often include money, banknotes, and certain coins such as collector items. Checks and securities, gift cards, phone cards, and traveler’s checks fall under this as well. Other items with coverage limits can include anything intended to be used for a business or anything already in use for a business, boats and watercraft, stamps, comic books, trading cards. Some theft losses can be limited in coverage as well, like paintings and other wall hangings, tapestries and rugs, silverware and goldware, jewelry, and fur items.
Getting Renters Insurance from Fearnow, Serving Florida
Our independent agents at Fearnow can help you get the renters insurance you need to help replace your belongings after they’ve been damaged or stolen during a covered event. We can explain what renters insurance covers and how it protects you and help you find a policy that fits your budget and your needs.
To learn more about renters insurance and to get a quote, call us at 813-689-8878.