Understanding the limits of your Renters insurance
Most renters understand that their policy offers them personal property, personal liability, and loss of use coverage. However, you may be a little less familiar with your policy’s coverage exclusions. To ensure that your coverage limits don’t catch you by surprise, here are some of the common things that Renters insurance will not cover.
- Certain Natural Disasters
While Renters insurance offers protection against most natural disasters, there are certain extreme events that are excluded from coverage. For instance, standard policies may exclude coverage for damage related to tornadoes and hurricanes. Additionally, almost all Renters policies will exclude coverage for earthquake or flood damages. To ensure that you have the most comprehensive coverage that you need, you should carefully review your policy to learn about any exclusions that may leave you exposed to losses. If you need to fill gaps in your coverage, then you have the option to secure policy endorsements or separate insurance policies to secure additional protection.
- Your Roommate’s Belongings
If you share your rented space with a roommate, it’s important to understand that your policy will not automatically provide coverage for their belongings. If your roommate wants protection, then you have some options. You can opt for a joint policy that will offer coverage for multiple renters. However, if you choose this option, please be aware that you may be paying for unnecessary coverage, especially if your roommate owns high-value items. This coverage option can also cause issues if you or your roommate decides to move out. Generally, roommates are encouraged to secure their own Renters policies to avoid unnecessary complications.
- Your Car
While your car is technically a belonging, it’s important to understand that your Renters insurance will not provide any coverage for your vehicle. Securing the right auto insurance is necessary to protect yourself from damage, personal liability issues, and accident-related injuries.
These are some of the things that your Renters insurance policy will not cover. Do you have additional questions about your Renters coverage? For assistance with all your coverage needs, contact an insurance professional at Westwood Insurance Agency today.