Over the years, you must have heard about different types of insurance policies. One among them is the Renters insurance. In simple terms, if we explain the renter’s insurance, it is a series of coverage for people living in a house.
No one can stop any mishap from happening in your home. However, renters insurance reimburses your loss after any such event and provides maximum coverage. Read on with us to know what is included and excluded in Renters’ insurance quotes.
Inclusions
Usually, there are three aspects of any Renters insurance policy. These are Personal property, temporary living expenses, and Personal liability and medical bills.
Personal property
This type of coverage will include damage to any items but under different scenarios. Most of the policies have certain items named perils. These include fire, lightning, riots, damage from vehicles, and vandalism.
So if a fire has occurred in your flat, you will get paid for it provided there has been some damage to it. However, remember that the item damaged should not be of your landlord. It needs to be in your ownership if you wish to get reimbursed for the same.
Apart from that, you can add extra coverage for valuable items. Stuff like fine art, jewelry, watches, and expensive things can be included. You will have to pay an additional premium for the same.
However, it is always better to check the list of perils before applying for a claim. Different service providers have other ideas for renters insurance and before you click apply now, go through all details.
Temporary living expenses
Picture a situation where a fire breaks in your flat. For the night you have to stay in a hotel. Once normalcy is restored, you can come back to your flat. These additional stay expenses are covered under renter’s insurance. If you have spent some money on food and laundry, you might get that money back as well.
Personal liability and medical bills
Most people have no idea that under renters insurance, you would also get coverage for any legal costs involved. For example, if your friend fell in your house and got hurt and sues you for the damage caused. You can always ask your renter’s insurance policy company to reimburse it for you.
Similarly, if the fire in your home spreads to your neighbors, and he wants reimbursement, your company comes to help again. You may ask them to reimburse any extra expenses caused to you. This includes any legal costs that you are forced to pay because of this mishap.
Exclusions
It is easy to confuse and feel that we will get covered in every situation come what may. However, this is not true, and they will exclude certain situations. Below are the situations falling under this category.
Read the terms and conditions carefully to avoid getting trapped with the wrong policy.
Natural disasters
In case you live in an area where there is a strong chance of earthquakes and floods arising, you should be careful. Your renter’s insurance policy will not be covering floods or earthquakes. However, you could buy a flood insurance policy if that issue is so crucial for you. Just check with the company as wildfires, volcanoes, etc. are covered under most of them.
Car theft
If stuff has been stolen from your car, you might get covered for it. But if the damage was to the vehicle or someone stole it, you cannot expect the renter’s insurance company to pay for it. This aspect comes under the motor insurance policy. If you have a separate policy for the same, ask them to compensate for the damage.
Undocumented stuff
Supposing your stuff has got damaged but has nothing to prove their ownership then you are stuck. It is always sensible to keep receipts from each item so that when the company asks, you have something to furnish. If the receipts are not there, your money is lost forever. The only option, in this case, is that you keep all your receipts in an easily accessible file.
Roommate’s stuff
Suppose the damage has happened to stuff owned by your roommate you cannot expect to get reimbursed for it. Yes, but if you can prove that your roommate is linked to you by blood or you are married, then the situation is different. Ask your roommate to get his policy if this situation does not apply. He can get a separate policy that will reimburse his costs.
Pests
Pests keep causing damage to your home items. However, you cannot claim them as part of your coverage. None of the policy providers will provide this benefit to you. It is better if you do regular pest extermination so you can stay protected on this front. But, remember, the exterminator’s cost is not covered either. Keep your options open in this regard and ensure that they do not enter your home.
Damage to property
Renters insurance can cover your stuff but not the actual building you are residing in. That building is the landlord’s property. Hence the coverage is for him and not for you. In case your roof is leaking, you should ask your landlord to get it fixed. You cannot ask the renter’s insurance company to pay the damage to the building.
Conclusion
You take Renters’ insurance to keep your money safe. No one wants to keep spending money on damages caused to his household property. The fact is that as a customer, you should be aware of the conditions that apply to each policy.
Typically reading the terms and conditions is enough to know which policy is suitable for your situation. However, if you are in doubt, do check the online reviews of the service providers.
If there are people who were not satisfied with the policy entitlements, it is a warning sign for you. Go ahead and pick up a company whose customers are happy and loyal to its services. Always check the inclusion and exclusion so that you do not feel duped later on.
