Renter’s insurance covers personal property damages, theft, liability, and most things apart from certain circumstances. Generally, the fees involved in these events are all covered up to a set limit.
However, in order to fully understand what coverage to expect from renter’s insurance, you need details—here is everything you need to know about renter’s insurance damage coverage.
First Things First—What is Renter’s Insurance?
All rented living spaces can have renter’s insurance. As an insured tenant, you, your belongings, and anyone injured on your property are covered.
If you’re confused as to how renter’s insurance works, think of it as a smaller, far less expensive homeowner’s insurance policy—your monthly payment will likely only be around $15. Despite its incredibly low rates, you can still expect a lot of coverage, making it a necessity for many renters.
Your landlord’s insurance will not cover your personal belongings if something happens to them. It will cover the entire building complex, but nothing directly related to you. If your landlord doesn’t already require you to purchase renter’s insurance, then, you may want to seriously consider it.
What’s Covered—The Three Coverage Categories (with Specifics)
Coverage under renter’s insurance is typically separated into three categories—personal property, liability, and loss-of-use. Each of these categories will cover expenses up to a certain price limit.
Category #1: Personal Property Coverage
With personal property coverage, any of your belongings (including furniture, appliances, etc.) that are damaged or stolen will be reimbursed up to your policy’s limits. You will be covered in the event of any of these 16 circumstances:
- Fire/Lightning
- Windstorm/Hail (Not Tornados or Hurricanes)
- Explosions
- Riots
- Damage by Aircraft
- Damage by Vehicle (Not Your Own)
- Smoke Damage
- Vandalism
- Theft
- Volcanic Eruption
- Falling Objects
- Snow, Ice, Sleet
- Damage from Steam-Heating/Water-Heating Appliances/Systems
- Water/Steam Leak/Overflow
- Freezing of Plumbing/Heating/Air conditioning
- Short-circuit Damage Caused by Electrical Appliances
Category #2: Liability Coverage
If someone experiences even a simple injury on your property, you could be liable. And, if they decide to sue, you would be in some serious hot water. Your renter’s insurance will cover a lot of these expenses, typically up to $100,000.
Category #3: Loss-Of-Use Coverage
Sometimes referred to as additional living expenses, this category insures you if your rented space becomes inhabitable. Generally, this will include temporary living arrangements, food, and even gas while your space is repaired.
We’re Here For Renters Like You—Call Redwood Agency Group for a Quote Today
Investing in renter’s insurance is a smart move—but doing so without knowing what you’re getting into is dangerous. The comparisons, contracts, and commitments involved in buying insurance are a lot for one person to handle on their own.
That’s why we’re here to help. With expert advice to guide you through the buying process, you can be confident in your coverage. When you’re ready for a quote, call Redwood Agency Group at (512) 994-0894.
