Renters Insurance: What it Covers and Doesn’t

Most renters may not have renters insurance. It’s often because they may not find it necessary or they didn’t have any idea that such a policy exists. Renters insurance covers the damages and loss of your personal property in a rented home. While it is important to know the extent of its coverage, if you’re shopping for renters insurance it would be wise to you learn about its limitations as well.

How much does renters insurance cover?

The renters insurance policy covers a lot. It is among the most comprehensive types of insurance coverage offered at an affordable price. Here are some of the things that it protects you from:

• Damages you cause to another person’s property
• Expenses to live in another place when your rented space becomes uninhabitable
• Fire
• Injury to a visitor while in your apartment
• Personal property such as furniture and clothing
• Theft or burglary
• Vandalism

It seems that renters insurance covers pretty much everything, right? Well, there are actually some exceptions that you need to be aware of.

What is not included in renters insurance?

• Art. Your child’s finger painting is truly an irreplaceable piece of art. Insurers can never reimburse or replace items like this when they got damaged or stolen. However, if you have art pieces on your wall made by an artist, you might want to get specialty coverage for them.
• Collections and collectibles. These are other items wherein you’ll probably need to get additional coverage from your insurer. That is highly recommended to those who collect precious items like stamp collections or limited edition baseball cards. Your policy may offer some coverage, but it will have limits.
• Jewelry. Most insurance policies set limitations on their jewelry coverage. There may be blanket coverage of up to $1,000 maximum, and it may quickly get used up when you lose expensive watches or your wedding ring.

What can you do for the items that aren’t covered?

Insurers may only cover a specific amount of your valuables. Depending on your item’s value, this amount may not be enough when they become damaged or stolen. To insure your jewelry, arts, or collectibles, you have to purchase a separate policy or rider as an add-on to your regular renter’s insurance.

If you want to know more about how to get additional policies for your valuable items, you can talk to one of our agents. Feel free to call us at 1-855-468-3569. Make sure your property is truly covered – buy renters insurance from Velox Insurance — a reputable company that seeks to give you only the best coverage at an affordable price. Visit our office today and get a free quote now!