Let’s be honest reading your fine print not really fun…
In the end, your He’s definitely not hiring John Green to write this, and trying to make sense of a bunch of legal texts can be, well, exhausting.
But if you are one of the lucky ones who read the policy, you may find that covers (and does not cover) more than you originally thought.
Amazing things that are covered by the renter’s insurance
Items stolen from your car
Many renters’ insurance policies include outdoor services. … This usually applies to things that outside your home and provides the same coverage as your home possessions. For example, if your machine is jailbroken and your laptop is stolen, you will be protected.
However, it is important to note that your will No protect your car from damage or theft (this thing), it only covers things inside the car.
To make sure you have everything what you need check out our guide: What type You need?
Items stolen while traveling
Outdoor insurance may also cover you if you are traveling and your personal belongings stolen…
This means that if your laptop or iPad is stolen from your hotel room during your vacation, it is most likely covered by your renter’s insurance. This is because the stolen item is considered “insured property” and it will be insured whether it is rented or not.
To make sure your personal belongings are insured, it is a good idea to contact your insurance company before going on vacation. Your insurer can help you determine if v what are you planning protected by your policy, or better left at home.
Living expenses
If your home is destroyed by an insured disaster and you can no longer live in it, temporary living expenses such as a hotel room, rent, meals and costs associated with keeping your belongings may be covered by additional costs. accommodation (ALE).
Essentially, ALE (not beer) covers all costs that you would not have to pay if you could still live in your home. However, if your home is destroyed as a result of an uninsured disaster, such as water damage from a flood, then you will not receive ALE coverage.
Injuries to others
If someone has an accident in your home, your renter’s insurance can help cover that person’s medical expenses.
For you, this means that your clumsy best friend can finally come to visit without fear of becoming a burden. After all, if she trips over the rug (or, let’s face it, thin air) and plummets, your renter’s insurance will protect you when it comes to medical bills.
Only this perk that is usually covered this is a great excuse receive …
Someone else’s property
Your renter’s insurance can also cover property damage and save you the trouble of paying out of pocket for broken items.
Let’s say your child is throwing a baseball at your neighbor’s window. Your , thanks to can help cover some of the costs associated with repairing or replacing damaged property.
Your family
You may be surprised to learn that insurance companies from many of the top landlords can insure anyone who lives under your roof. related to you by blood, marriage or adoption…
This means that if your mom moves in with you for a few months, she will automatically be covered by your policy if you have enough coverage!
However, if your house is broken into and your roommate’s belongings are stolen, your insurance will not cover his personal belongings. Unless your roommate is your sister.
Your pets
If you go to a friend’s house and your dog destroys her beautiful new sofa, yours renter’s insurance will cover it…
However, if your cute puppy destroys your new sofa, your rental insurance will not cover replacement costs (more on this below).
Amazing things that not covered by the renter’s insurance
Certain disasters
Most renters’ insurance does not cover disasters such as floods and earthquakes… You can purchase additional flood insurance from a private provider.
If you are thinking of buying flood insurance, make sure you know what it covers by reading our guide: What is flood insurance? (And what does that cover?)
Likewise, you can add earthquake insurance to your policy.
If your personal property has been destroyed due to volcanic eruption, forest fire or tornado, you are probably already insured with a renter’s insurance policy.
Replacement costs
If your rent was robbed and an expensive audio system that you bought five years earlier was stolen, you might be surprised to know that you won’t get enough money back to cover the entire cost. , although comes standard on most politicians.
This is because if you have not bought , normal will cover your on their (ACV).
For example, if your sound system cost you $ 2,500 five years ago, can only offer you $ 1000 to cover what is worth today.
Expensive jewelry, art or antiques.
If you have high value items such as jewelry, art or antiques, please be aware that your rental policy may not apply to these items. You may need to purchase a floating point policy to provide additional coverage for high-value properties.
Most insurance policies will come with maximum limits for each type of coverage… So, suppose you have a ring that costs $ 5,000, but your policy has a maximum coverage limit of $ 2,500 for jewelry, then you will have to cover the difference.
You may also want to consider insurance for your wedding ring. You can find out what it does and what it doesn’t do in our article: Wedding ring insurance – everything you need to know…
Property damage from pests
In the event that your personal belongings are damaged by rats, bed bugs or other rodents, bed bugs, or vermin, most renters’ insurance policies will not cover damage. This is true even if your infection is so high that you will have to give up your rent and find temporary housing.
Some politics may suggest a bed bug but is usually not considered part of plan and will come at an additional cost.
Summary
If you are renting and you expect the landlord’s insurance policy to cover you in any situation, you might want to think again.
Renter insurance is the best way to ensure that your finances are not constrained by a friend’s clumsiness or seriously damage your rental. While these are additional living expenses, they often pay off at the (low) cost.