What Does Renters Insurance Cover?

If you’re considering getting renters insurance or if you’ve just taken the plunge, you might be wondering how exactly this proactive coverage protects you from the unexpected. Let us help clear up a few key questions you may have about renters insurance.

Does Renters Insurance Cover Theft?

It sure does. Renters insurance can help replace your belongings if they are unexpectedly damaged by things like theft, the result of a fire, lightning and more.

In fact, not only does renters insurance help cover you in the event of theft from your apartment, but in many instances the coverage extends to protect your belongings while on the go — like at a coffee shop or on a road trip across the country. For instance, if your bike was stolen while you were working at the coffee shop, or your car was broken into and your IPod was taken, renters insurance can protect your things.

Coverage on the go is limited and may not cover 100% of losses based on location and other factors. Your agent will help you clarify your limits. Read more about renters insurance coverage that follows you.

Does Renters Insurance Cover Water Damage?

It depends on the circumstance. Renters insurance policies do not cover damage caused by floods — you’ll have to purchase flood insurance separately to be covered for damage from flooding — but, you may be covered if there are other types of water damage, like the below scenarios.

Let’s say water is leaking from your ceiling because your neighbor forgot to turn the bathtub off. While your landlord may be concerned about the damages to your apartment, you’ll have to cover any damage it caused to your personal property, like if your laptop was ruined from the water leaking.

On the other hand, if you were the one who let the water overflow in the bathtub and your neighbors apartment is damaged, your landlord might file a lawsuit against you to fix the damage. You can file a renters insurance claim to help cover some of the cost.

Does Renters Insurance Cover Electronics?

Renters insurance protects all of your important possessions. From electronics, like your computer or TV, to your jewelry and other valuables, renters insurance helps cover your belongings from damage or theft. Your agent can help you determine the coverage amount you need depending on what kinds of possessions you own. In the meantime, check out the cost of renters insurance to see what factors affect the price of your policy.

Does Renters Insurance Cover My Roommate?

You and your roommate might share that uncomfortable futon, but your policy won’t provide any coverages for your roommate unless you share a renters policy. Some states allow unrelated roommates to share a renters insurance policy, but keep in mind, if you share a policy, the coverage limit doesn’t increase. So, it’s always a good idea to take a look at the combination of your possessions to figure out if your coverage limit is enough to cover both of you.

The bottom line? Though it’s not recommended, sharing a renters insurance policy with your roommate is a possibility. But, when you have your own renters policy, you’re getting customized coverage that fits your needs. And, since renters insurance is so affordable, it just makes sense to get your own coverage! Get the 411 on roommates and renters insurance.

Does Renters Insurance Cover Me if I am Temporarily Displaced?

Not many people are aware that renters insurance will help cover the cost of lodging, including hotels, if you need to make temporary living arrangements due to an unexpected covered event, like fire or storm damage.

Will Renters Insurance Cover Me if Someone Is Hurt In My Apartment?

Yup! For example, if someone trips and injures themselves on your wet kitchen floor which you’ve just cleaned, the liability coverage portion of your renters policy may help cover costs due to bodily injury and lawsuit related expenses. It can also help pay for your guest’s medical bills, such as ambulance or hospital bills.

An American Family Insurance agent is a great resource to use for any other questions you may have about renters insurance, and in the meantime, you can check out our renters insurance coverage page or other common FAQs about renters insurance to really get savvy about safeguarding your humble abode.


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Related Topics: Renters