We’ve heard lots of renter horror stories. Someone may break-in your apartment and steal valuables or a collapsed ceiling in a rented townhouse may ruin the furniture. Broken water pipes may flood the whole apartment and leave the renter without a place to live. These incidents make renters insurance a necessity wherever you live.
Renter’s insurance policies are more helpful than you think. Here are the unexpected things that renters insurance covers:
1) Renters insurance covers dog bites
Almost all the renter’s insurance policies we sell have at least an amount of $100,000 for personal liability protection. You may increase it to $500,000 for a small increase in premiums. It will cover the incurred injuries and the cost of legal defense in case there is a lawsuit.
2) Renters insurance covers damages to belongings stored off-site
A lot of people don’t know that renters insurance covers properties that are off the premises. You need to check this with your carrier first. But, most policies cover up to 10% of properties that are not on the premises. You may have a renter’s insurance of $30,000 content coverage. If you do, the belongings in the storage unit will have $3,000 coverage.
3) Renters insurance includes certain travel coverage
If someone stole your luggage while you are viewing the Eiffel Tower in Paris, your renter’s insurance might cover this. Renters insurance will cover you to certain limits whenever you travel.
4) Renters insurance covers relocation
Renter’s insurance may not cover the cost of a move cross-country. Yet, if you need to move because of water damage or fire that makes your home unlivable, renter?s insurance can help. Living in a hotel for a long time can be expensive. Affording the high cost of temporary living arrangements might be difficult. You might even need to eat outside most of the time, drive further to work and pay for fees for your pet. These costs and more can be covered in the renter’s policy.
5) Car burglary can be included in renters insurance
Things inside your car can also be covered by insurance. If you get a good renters insurance policy, you may get reimbursement for the valuables stolen from inside your car.
6) Renters insurance can cover food inside your refrigerator
You might wake up one morning and find your fridge not working the whole night. It can leave a mess of spoiled food. You may think that you’re out of luck especially if you stocked up on groceries the previous day. Check with your insurance agent first before you make a shopping list after cleaning the evidence. Usually, power outage and failed appliances cause food to spoil. These things should be under your personal property coverage.
7) Renters insurance may cover waterbeds
Most landlords don’t allow their tenants to own waterbeds. Whenever a waterbed bursts and springs a leak, the water may create a lot of damage to the apartment. Homeowners and renters? insurance policies usually don’t cover damage by waterbeds that is why a lot of landlords ban their use in leases. But, if you want to have a waterbed, you may be able to persuade your landlord to relent by adding the waterbed liability coverage to your policy. The coverage is usually a policy endorsement which adds a cost to your premium.