Do renter’s need personal property insurance?
Yes! Personal property insurance can protect your belongings in the event of fire, theft, or other accidents whether you own or rent your home.
Can renter’s insurance cover storage units?
Coverage of damaged, stolen or destroyed belongings while in a storage unit is possible, but depends on the specifics of your renter’s policy.
Can renter’s insurance cover from theft?
Yes. In fact, it is possible for renter’s policies to cover belongings from three distinct theft scenarios.
- Your rental home is burglarized
- Items are stolen from your car
- Possessions are stolen while you are travelling
The amount of compensation for fire damage depends on
- Amount of coverage purchased
- If you chose cash value coverage or replacement cost coverage
- Your policy deductible amount
What you need to do in the event of a fire at your rental property?
- File a claim for the fire/smoke loss
- Pay the deductible for your renter’s policy
- Receive compensation for the fire/smoke damages, up to your policy limit.
Can renter’s insurance cover fire damage?
Yes. Renter’s insurance covers both fire and smoke damage, after you pay your deductible.
Can renter’s insurance cover dog bites?
Yes. Protection may be offered under your renter’s policy in the event your pet hurts or bites a person or animal. Please note some renter’s policies may exclude certain high-risk pets or breeds.
Does renter’s insurance cover floods?
No. Renters in flood-prone areas must purchase flood insurance to be covered for flood-related water damage. However, a renter’s policy may likely cover water damage to your belongings if the cause was a leak or burst pipe at your rental property.
Flood are not covered under homeowner’s or renter’s policies. Make sure your home has the right protection.