Although most renters insurance policies cover wind damage, some companies in coastal areas affected by hurricanes exclude this aspect of standard coverage. You may be surprised to learn that some renters insurance policies cover your valuables when they are not in your home or if they are stored outside your home. Renters insurance is relatively inexpensive and can help replace your valuables if they are lost in a storm or through theft. Unfortunately, most renters will suffer after a tornado, as only 43% have renters insurance, according to the Insurance Research Council.
You may need to purchase renters’ flood insurance if you live in an area with a high risk of flooding. Allstate, however, specifically offers flood insurance, although it is not as inexpensive as basic renters insurance. Many renters insurance policies include coverage for wind damage, so tornado policies do not have to be purchased separately, as with other types of catastrophes. But don’t forget that renters insurance could also cover a lawsuit against you, including your legal bills.
Liability insurance pays for injuries or damage to someone else’s property for which you are responsible. While there are organisations you can donate money, food and clothing to, there is also something you can do to help yourself if you live in any southern state (or any state, really) and that is to take out renters insurance. Since one of the main points of renters insurance is to cover your belongings, theft is covered by basic renters insurance. The best thing about renters’ insurance is that, in most cases, it is very cheap, especially compared to home insurance.
If you can easily afford to replace all your belongings after a disaster, you may think that you should not spend money on renters’ insurance. It is important to carefully read and understand any renters’ insurance policy before you buy it so you know exactly what is – and more importantly, what is not – covered. If water damage is due to flooding caused by the hurricane, it is most likely excluded from standard renters insurance. If water falls from the sky during the hurricane and causes damage, it will most likely be covered by your renters insurance.