5 Things Renters Insurance Covers (and 5 It Doesn’t) (2024)

FAQs

What are 5 different events that would cause losses that would be covered by renters insurance? ›

Things like theft, fire, vandalism, some types of water damage (such as from burst pipes), a windstorm, and so on. (These are what's known as 'named perils' in insurance speak.)

Flooding, earthquakes and sinkholes are all examples of natural disasters that are not covered by a typical renters insurance policy.

Renters insurance covers personal property, personal liability, medical payments and additional living expenses or loss of use, up to the limits of your policy. Learn more about what renters insurance covers and the types of renters insurance coverages.

Renters insurance will not cover a broken window in your own residence, but the personal liability coverage in your policy will cover damage to someone else's window if it's determined you're the liable party.

Certain natural disasters, including earthquakes and sinkholes, are also typically not covered by standard property insurance, regardless of whether you rent or own. Floods typically aren't covered, even when they result from another covered event such as a severe rainstorm.

What Is Covered? Financial loss due to injury, property damage, medical expenses, libel, slander, defense against lawsuits and settlements. Financial loss due to lost, stolen or destroyed products and equipment. Provides a wide range of insurance coverage options to cover financial, product and asset losses.

Unless you're moving to relocate while your rental home is repaired due to a peril covered by your renters insurance policy, the cost of your move is not covered either. Licensed moving companies usually offer coverage for damage while they have your stuff. Third-party moving insurance is also available.

Renters insurance can cover all sorts of electronics, including video game consoles, TVs, and computers. That means that your policy may help pay to repair or replace your tech in certain situations, like if they're stolen or damaged by a fire. In insurance speak, these scenarios are referred to as covered perils.

Renters insurance can cover the food in your fridge

But before you start to make a new shopping list (and ideally after you've cleaned up the evidence), check in with your insurance agent: Food spoiled because of a power outage or failed appliance should be covered as personal property.

Typically, renters insurance provides four types of coverage: personal property coverage, renters liability insurance, guest medical expenses, and additional living expenses. Personal property or personal belongings coverage is what most people think of when it comes to renters insurance.

What are the 2 main differences of home and renters insurance? ›

The main and most obvious distinction between renters insurance and homeowners insurance is that a homeowners policy safeguards the home's physical structure against covered perils while renters insurance won't protect the home or building occupied by the tenant.

Renters insurance policies are helpful in three ways: repairing or replacing your belongings if damaged, paying for living expenses if you're displaced, and covering damages to others.

Landlord Responsibility

In most cases, it is the landlord's responsibility to ensure that any damage to the property is repaired. This includes the repair of broken windows unless the damage was caused by the tenant.

Personal property

For example, if someone steals your laptop while you're on your way to work, your renter's insurance policy can cover some or all of the loss. Renters can insure their clothes, shoes, furniture, and other personal items of high value.

With most renters insurance policies, you're protected if your stove is damaged by fire, theft or vandalism. However, if it stops working because of an electrical or mechanical failure, you'll only get coverage if you purchased an endorsem*nt, specifically for equipment breakdown.

Key Takeaways: Renters insurance typically covers fire, windstorms, lightning, explosions, theft, and vandalism.

This coverage typically protects items stolen after a break-in at your rental property, or even items stolen outside of your rental. For example, if your personal property (such as a gaming system) is stolen from your car, the personal property coverage in your renters policy may help pay to replace it.

First, there needs to be a cause of loss. Second, this cause of loss must be accidental and unexpected. Third, the cause of loss must result in bodily injury or property damage. If these three components are met, then the event is considered an occurrence and the insurance policy will provide coverage.