Renters’ insurance will rarely or never cover damage to your personal property in some specific perils, such as earthquakes, riots and pests. Renters ‘ insurance policies generally do not cover the costs of damage associated with your roommate’s belongings. Unlike damage to real property, which is covered by the liability portion of your renters insurance policy, your renters insurance policy is designed to protect your personal property. We recommend that anyone renting a residence consider purchasing a renters policy as an affordable way to protect themselves from the financial impact of these events.
When purchasing a renters insurance policy, you should be sure to select limits that cover you in the event of a total loss. Renters insurance policies include limited coverage for medical payments in the event that guests are injured in your residence. One caveat is that insurance companies often include in their policies that they will only cover the expenses of an attorney of your choice. While liability insurance covers most legal liability-related expenses, there are some important exceptions for pets.
If you already have renters insurance, read on to see what types of events a typical renters insurance policy covers. The personal property and liability coverage provided by renters insurance does not protect you from all risks. Like personal property coverage, liability coverage only applies if your home becomes uninhabitable due to a covered loss, i.e., one of the perils covered by your renters insurance policy. The risks covered may vary among renters insurance policies, but almost all cover the common risks we have listed here.
Along with other pests, such as rodents, they are considered a maintenance problem, and are not covered by your standard renters policy. Exotic pets, such as reptiles or monkeys, are also not covered by renters’ liability insurance. Most renters insurance policies do not cover the costs of damage associated with bed bugs, with limited exceptions. Bodily injury caused by a pet, such as a dog bite, may be covered by a renters’ liability policy, but policies may exclude these events in certain circumstances.