More people than ever before are renting apartments rather than buying houses. As the cost of buying a home has progressively increased, people are staying in apartments and condos for longer. What they’re not doing, though, is buying renters insurance. Many people believe that their property isn’t worth enough to insure, or that their landlords will take care of costs in the event of theft or another emergency; however, these myths are costing people thousands. This begs the question; what does renters insurance cover?
Renters Insurance Coverage
With renters insurance, you can affordably and easily protect yourself and your rental property. Here’s a look at what renters insurance covers and how it can benefit you in your current or next apartment.
Personal Property
A comprehensive renters insurance policy will help pay for the replacement of personal items like furniture, electronics and computer equipment, clothes, jewelry, and appliances in the event of theft or damage from certain damaging events.
A strong policy will reimburse you for the loss of property up to its coverage limit in any of the following 16 events: fire and lightning; windstorm and hail; explosions; riots; damage by aircraft or a vehicle not your own; smoke; vandalism; theft; volcanic eruption; falling objects; snow/ice/sleet; damage from steam heating or water heating appliances; leakage; frozen plumbing; and short circuit damage by electrical appliances. It can also protect insured property that is lost or stolen outside of the apartment and damages to other peoples’ property, like water damage to a neighbor as a result of your own broken pipe.
Personal Liability & Medical Bills
If someone slips and falls in your apartment, or is bitten by your pet, a good insurance policy will help cover the costs of their medical treatment. This can help prevent lawsuits by ensuring that the injured party will be able to pay for their medical bills. If you are sued, good renters insurance will be able to help you pay for legal fees to fight the case if necessary.
Temporary Living Expenses
Many types of damage that are covered under your renters insurance policy can also make your apartment uninhabitable. Depending on your policy, your renters insurance may help pay for another place to live until the damage to your apartment is repaired. This can include the cost of hotel bills ,and even food if the cost exceeds what you’d normally purchase at the grocery store. This type of coverage, called loss-of-use coverage, is a little known but highly beneficial perk of renters insurance.
Other Types of Coverage
Renters insurance may also cover the following instances. Be sure to carefully review your policy or let an insurance agent know if you are particularly interested in coverage for these events:
Credit Card & Bank Forgery
If your credit card or checkbook is stolen out of your home and used for fraudulent purposes, your renters insurance may help reimburse you for the losses.
Other People’s Property
If a fire or flood damages property that is not yours but is temporarily located in your apartment, such as a friend’s laptop, your insurance may help you pay for a replacement.
Items Stored Elsewhere
Many renters insurance policies cover all of your property, even if it isn’t located in your apartment. This can include items stolen from your car or damaged while in storage.
Food
If a blackout leads to spoiled food in your refrigerator, you may be able to ask for reimbursement under the “short circuit damage” category of your insurance.
What Renters Insurance Does Not Cover
Renters insurance does not cover all occurrences of stolen or damaged property. It will not pay for loss due to natural disasters, and those living in flood zones or near fault lines will likely need to purchase separate flood or earthquake insurance.
Most policies will also not cover damage from bugs, rodents, or other pests; antiques, vintage heirlooms, premium appliances, and other high-value items; damages from terrorism or nuclear war; and damage done to your car, even if a covered item is stolen from it. Your own renters insurance policy will also not cover your roommate’s property. They will need to either purchase their own policy or take out a joint policy with you to protect their property.
Contact A Professional Personal Insurance Agency
Contact JMG Insurance Agency Agents for more information about renters insurance or to book a consultation with a personal insurance agent. The agency assigns each client a dedicated customer service representative, account manager, billing specialist, and claims representative for individualized and prompt attention.
The JMG Insurance Agency represents more than 140 carriers, making it easy to find an affordable match that provides you with the coverage you need to ensure that your property is protected. In addition to its renters insurance offerings, JMG Insurance Agency Agents can connect you with personal, business, automobile, life and health, and business insurance for a range of industries, making it a convenient one-stop-shop for your insurance needs.