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What does and does not rental insurance cover?

What does and does not rental insurance cover?

Renters insurance will rarely if ever cover damage to your personal property from specific perils, such as earthquakes, riots and pests. Most renters insurance policies do not cover the costs of damage associated with bedbugs, with limited exceptions. Renters insurance is designed to help with damage caused by sudden, catastrophic events, such as a burst pipe that floods the bathroom, leaving mould in its wake. If your car is stolen, you will need to file a claim under the comprehensive section of your auto policy, not the renters’ section.

Earthquakes are another catastrophe that is not covered by most renters insurance policies. However, some insurers exclude dog bites or certain breeds from renters policies, so if you have a dog, check with your agent to make sure you are covered. The amount of renters insurance you need depends on how much stuff you have and the value of your savings and other assets. If you have high-value items, such as jewellery or artwork, check with your agent or insurer to see if there is an endorsement or special coverage that can be included to adequately cover those items.

Most renters’ insurance does not cover your roommate’s possessions unless the two of you share a policy, which not all states or insurance companies allow. However, you may be able to get bedbug coverage with a renters policy from Assurant, depending on where you live. As a freelance writer, she uses her extensive knowledge of the insurance industry to create informative, engaging and easy-to-understand content for consumers. That’s right, if your personal property (such as a laptop or clothes) travels with you and someone steals it, your insurance company can reimburse you.

Your landlord’s insurance will not pay to replace your belongings if a storm destroys the building or a burglar breaks into your flat. The following are the most frequently asked questions, with answers that will help you determine the right amount of coverage for your renter’s insurance policy. One of the advantages of renting is that it is the landlord’s responsibility, not yours, to insure the building and make necessary repairs. Renters’ insurance won’t cover you fully unless you buy enough, so it’s important to know how much personal property coverage you need to protect your belongings.

Yes, theft of your personal belongings is usually covered by renters insurance, even if you are not at home, with one important exception.