If you live in an apartment, condo, or other rented living space, you have probably needed a rental insurance<\/b> plan. After all, apartment insurance<\/b> can protect you from paying for the repairs or replacement of items damaged or stolen from your home, right? Well, that depends.<\/p>\n
While it is a good idea to get some form of a renter insurance<\/b> policy, it may not cover all hazards and all of your possessions. There may be some situations and circumstances where your renters insurance coverage<\/b> won\u2019t help you. Let\u2019s take a look at what the typical renters insurance policy covers, what it doesn\u2019t cover, and figure out how much renters insurance coverage<\/b> you will need.<\/p>\nWhat Does a Renters Insurance Policy Cover?<\/h2>\n
Even cheap renters insurance<\/b> plans provide liability coverage for visitors injured in your home and financial assistance replacing damaged or stolen items. The good thing is that most apartment insurance<\/b>\/renters insurance policies offer wide coverage for several scenarios that could damage your possessions. Most rental insurance policies cover damages caused by:<\/p>\n <\/p>\n Another positive is that your renters insurance coverage<\/b> isn\u2019t just limited to your home. Unless otherwise noted, your policy will cover damage or stolen items from your car, your luggage when you\u2019re on a trip, or your belongings that are locked away in a storage unit. It\u2019s a good policy to have in case your necklace is stolen from your minivan or if your laptop is damaged when water pipe bursts in your hotel room.<\/p>\n Most renters insurance plans can provide assistance to repair or replace damaged items such as:<\/p>\n <\/p>\n It is typically more expensive to replace such items out-of-pocket compared to the renters insurance cost<\/b>. It could certainly help get your life back to normal if a disaster strikes your rented space. However, not everything is covered by rental insurance<\/b>.<\/p>\n While renter insurance<\/b> can cover a wide range of scenarios and items, there are a few limitations to most policies. Depending on the worth of certain possessions, such as jewelry, you may need to purchase a separate special policy to ensure that the cost of replacement isn\u2019t over your renters insurance payment limits. If you have an expensive art piece, antique, or other pricey possession, it is best to get it professionally appraised and get special insurance coverage for that particular item.<\/p>\n While rental insurance<\/b> covers a variety of disasters, it doesn\u2019t cover everything. Flooding caused by rainfall or other natural causes isn\u2019t usually covered by a renters insurance policy<\/b>, requiring you to purchase a separate flood insurance plan. Earthquakes and sinkholes are also usually excluded from most policies. Be sure to read through your policy and ask your insurance agent if you can purchase additional coverage for any hazards that aren\u2019t listed as covered events.<\/p>\n Damage caused by pets isn\u2019t typically covered by a renter insurance <\/b>plan, so you can\u2019t replace a scratched up couch or soiled carpet with your policy. In terms of liability for your pets, a few rental insurance<\/b> policies can cover dog bites if your pooch bites a visitor, however that coverage comes with certain conditions. However, you should know that most renters insurance quotes<\/b> won\u2019t offer coverage for your furry friends or any other pets.<\/p>\n This answer can vary from person to person. If you don\u2019t have a lot of expensive possessions, you can get a cheap renters insurance<\/b> policy that can provide decent coverage for only a few dollars a month in many cases. However, it is wiser to get as much coverage as you can afford. Take an inventory of your possessions and calculate the cost it would take to replace them all if disaster strikes. This way you will know the estimated cost of it all and can get an accurate renters insurance quote<\/b> that can provide the coverage with a payout limit that will properly repair\/replace what you have lost.<\/p>\n\n
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What is NOT Covered Under a Renters Insurance Policy?<\/h2>\n
How Much Renters Insurance Do I Need?<\/h2>\n