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Renting an apartment or house can add confusion about what is and isn’t covered by your renters insurance policy. Some assume their landlord’s insurance policy fully covers them, but that isn’t true. In the event of water damage, you’ll need renters insurance to protect your belongings and provide liability coverage. Today, we discuss in-depth – the question of does renters insurance cover water damage.
In the broadest terms, your renters insurance covers your belongings and liability for damage to others and their property; in contrast, your landlord’s insurance policy covers the structure itself. In short, you cover what you own or are liable for.
In this guide, we’ll explain the specifics of what’s covered, what isn’t, and what happens (and what you need to do) in the event water damage occurs in your rented property.
Renters insurance differs from homeowners insurance in that you do not own the property’s structure. You’re, therefore, only covered for your belongings within the property and your liability towards others. That means if you perform any home improvements, e.g., painting the walls or installing new fixtures, these will not be covered under your renters insurance policy.
You will be reimbursed for the following:
Renters insurance covers specific types of water damage that can affect your personal property. Most renters insurance policies will cover water damage due to the following:
Where things become more complicated is what is not covered. Insurance policies are very specific about their coverage limits, and you should read the terms and conditions to understand where you will be liable for replacement or payments.
Here are some examples of where you are not covered by renters insurance:
Yes. In some cases, when a rental unit becomes uninhabitable for a short period while repairs are completed, you will be covered for temporary accommodation. This is known as loss-of-use coverage.
According to insurance.com, loss-of-use coverage is usually calculated in two ways:
You should know how much loss-of-use coverage your policy extends and ensure it is adequate to cover an extended period away from your rental unit.
Your landlord owns the physical structure you rent, be it a house or apartment. That’s what their insurance policy covers – nothing more or less. Your landlord is not responsible for your personal belongings, nor are they responsible for your liabilities.
If your landlord provided you with any furnishings or appliances in the tenancy agreement, these are covered by the landlord’s policy and not your renters insurance.
You should never file an insurance claim unless A) you believe you are covered or B) you believe the reimbursement is worth the cost of higher premiums. For example: if a roof leak destroys your furniture and electrical equipment, you’re likely to be reimbursed for the damage up to your policy limit, whereas a flood that damages those same items will not yield any reimbursement.
When filling a claim, you should:
Following your claim, an insurance adjuster will review your claim and even visit your home. They will decide whether to approve your claim and how much to pay.
If your home has undergone water damage, contact United Restoration immediately. We deal with all forms of water and mold damage (and dehumidification) – call us at (844) 979-8500.