The Main Things Renters Insurance Covers

It is essential that people comprehend and understand what renters’ insurance covers before renting their next apartment. Damage and accidents aren’t just an inconvenience — they could constitute a violation of the lease, which could be a costly infraction. Luckily, there is a way to mitigate the liability of renting and minimize the potential expenses that could stem from damage.

What Renters’ Insurance Covers: Main Takeaways

Renters insurance offers coverage for an array of risks — but what does renters insurance cover, exactly? Most policies include coverage for these potential liabilities.

Disaster Damage

Natural disasters happen daily, and research suggests that 40% of all rental properties are vulnerable to weather-related disasters. Indeed, a standard renter’s insurance policy can cover damage from disasters such as fires, lightning, and water damage after a flood. Terms vary by insurer, but most personal property coverage includes payments covering the replacement value of damaged and destroyed belongings. This part of the coverage may also cover the cost of food that spoils if the disaster in question causes the power to go out.

Valuable Collections

If a person has a unique collection of valuables like an art collection or a stash of luxury jewelry, they want to protect these belongings and secure their value. Coverage for valuable collections will depend on the policy you choose, but some renters’ insurance coverage does include these items. If the policy does not, investing in an individual policy that offers personal property coverage can be advantageous. To maintain coverage, renters need to take a thorough inventory of every item in your collection, its condition, and its appraised value.

At-Fault Damage

Many people mistakenly believe their renters’ insurance cannot cover the damage they are responsible for. On the contrary, a person can still get coverage for accidents even if they cause them. The insurance policy covers this. A renters’ policy can cover damages you cause in another person’s home. Investing in personal liability coverage can offer an additional layer of protection against this possibility. If you’re dealing with additional exposures — for example, an aggressive dog — you should also look for a policy that extends coverage to these liabilities.

Theft and Crime

Break-ins are a terrifying possibility, but unfortunately, they always happen. Renters need to prepare for such an incident by investing in insurance. Most renters’ policies can cover the damage that results from criminal activity, so if a break-in results in theft or property damage, you may be able to recoup some of the damages. Renters should install a security system and other preventative features to discourage potential criminals.

About Byrnes Agency

At Byrnes Agency, we offer insurance solutions that can be tailored to meet your specific needs. Whether you’re looking for personal policies or commercial coverage, we have the right coverage for you. To learn more about our products, contact us today at one of our two locations.

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