Items Covered by Renters Insurance

If you’re a renter, you may assume your landlord’s insurance protects all your interests. Unfortunately, this is a common misunderstanding and could prove financially disastrous in the event of a claim.

What Your Landlord’s Insurance Covers

Your landlord’s insurance is intended to cover the main structure of the building and shared spaces. This means if damage occurs to the roof, walls, plumbing, walkway or other physical parts of the structure, your landlord’s policy will likely cover the costs.

However, your landlord’s policy doesn’t cover everything. This is important to understand, especially when it comes to financial protection of your possessions and liability.

What Renters Insurance Covers

Renters insurance is designed to cover a few key areas, including:

• Your personal property—Items like furniture, electronics and clothing can all be covered by your renters policy, up to coverage limits. This means if your laptop is stolen or damaged by a covered event, your coverage may pay for replacement or repair.

• Your liability exposure—Guest injuries that occur in your unit are generally your responsibility. If someone slips at a party you’re hosting and requires medical attention, your renters policy can help cover their bills. It can also help pay for legal fees if you’re sued.

• Your additional living expenses—If your rented home becomes uninhabitable due to a covered event, such as a fire, your policy can help pay for temporary living costs. These may include hotel stays, food and potentially other expenses.

Renters insurance is also customizable. You can adjust coverage limits and add endorsements that can better protect your assets. For instance, flooding typically isn’t covered, so adding flood insurance can be a smart choice.

Determining Necessary Coverage

Figuring out your renters insurance needs can involve a few steps. First and foremost, your landlord may require coverage, so you’ll want to ensure your policy meets their criteria. You’ll also want to think about the value of your possessions and assets, then make sure your policy limits can adequately cover them.

Ultimately, Joan Polec Insurance can help find the right renters insurance for your unique situation. Our experts can review your circumstances and recommend suitable coverage. Contact us today for a free quote with no obligation.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.