Renters insurance can provide many benefits and protection to the residents of a rental property. By understanding what is covered by renters insurance, you can ensure that incidents and damage won’t completely disrupt your life. Renters insurance generally covers liability, temporary living expenses, and personal belongings when they are damaged in different circumstances. There are certain perils that are covered by renters insurance, as well as certain perils that are not covered.
What Perils are Covered
Renters insurance can be a vital way to protect the personal possessions of a tenant. This insurance can help when property is damaged due to fire, lightning, windstorms, hail, explosions, and riots. It also covers damage done to the possessions by aircraft or vehicles. Renters insurance covers damage to property from smoke, vandalism, theft, volcanic eruptions, freezing of vital systems, falling objects, and the weight of ice, snow, and sleet.
What Renters Insurance Doesn’t Cover
Renters insurance doesn’t cover a few other things that may cause damage to the property of the tenant. For example, this insurance type will not cover damage that has occurred due to neglect. It also will not cover damage from floods, war, nuclear hazard, governmental action, or intentional loss. Separate insurance policies may provide more broad coverage, like flood insurance.
It is incredibly beneficial for tenants of a rental property to obtain a renters insurance policy. It is affordable and helps to create a cost-effective method for replacing property that is lost or damaged. Renters insurance can also be vital in protecting yourself from liability expenses if someone becomes injured on your property. Familiarizing yourself with your renters insurance policy can help to ensure that you understand what protection your personal belongings have. To learn more about what is covered by renters insurance, contact our experts at the Keyrenter in Washington, DC.