Most renters policies will cover losses due to fire, smoke, theft or vandalism, and certain kinds of water damage. They don't cover losses due to floods. Visit the National Flood Insurance Program for information about flood coverage.
Standard renters insurance in California covers a wide range of perils, including fire, theft, vandalism, water damage from burst pipes or appliances, and certain natural disasters like lightning, windstorms, and hail.
Flooding, earthquakes and sinkholes are all examples of natural disasters that are not covered by a typical renters insurance policy. All three of these events can easily damage your personal property, so you should buy additional coverage if you think you're at risk.
You are having friends over for dinner at your new apartment and someone trips in the living room and breaks an arm. Renters insurance will help pay for a guest's medical expenses. If your neighbor has a fire and the resulting smoke damages your stuff, renters insurance has you covered.
Most renters insurance policies limit what they'll pay for valuable items like jewelry, electronics and firearms. Typically, this limit is around $1,000 to $2,000. Like with home insurance, you can schedule your valuable items to ensure they're covered for their full value.
A renters policy provides financial reimbursement for covered losses to your personal belongings. If a covered peril occurs, you'll file a claim with your renters insurance company to receive compensation for your loss, up to your policy's limits, sub-limits, and minus any deductible.
Renters insurance has three basic coverage components: personal possessions, liability, and additional living expenses.
Your renters insurance policy may help pay to repair or replace personal handheld electronics, including a laptop, smartphone, tablet or personal computer, if they are stolen or damaged by certain causes.
This coverage typically protects items stolen after a break-in at your rental property, or even items stolen outside of your rental. For example, if your personal property (such as a gaming system) is stolen from your car, the personal property coverage in your renters policy may help pay to replace it.
The insurance company may request an inventory of damaged property. They may also ask for documentation and/or details about the lost items including receipts, photos, brand names, model numbers, age, purchase price and place of purchase.
The following things are not covered by renters insurance: Earthquakes, or flood damage due to weather (though you can always purchase separate flood insurance) Widespread power outages (in most states) Theft of your car, or car parts (though renters insurance would cover belongings stolen from inside your car)
Your renters insurance policy will cover food that is damaged or lost in your fridge, freezer, or kitchen due to certain specific causes—like fire, water from burst pipes, or certain power outages that are caused by direct damage to your property. Always keep in mind that every claim is unique.
Yes. If you can afford it, renters insurance is usually worth it. It will protect your belongings, provide liability coverage, and may cover your personal items when you travel. Renter's insurance protects you from a long list of perils, as well.
Flood and earthquake coverage
Standard renters insurance will likely only cover situations listed in your policy, like fire, theft, and vandalism. Natural disasters, like floods and earthquakes, are generally excluded, though you may be able to add extra protection for an additional cost.
The average cost of renters insurance is about $15 to $20 per month1. However, what you end up paying depends on a number of factors.
Renters insurance may cover water leaks from a broken pipe, assuming the incident wasn't due to negligence. Your policy's personal property coverage may pay to repair or replace the items damaged from water, up to your coverage limits.
Limited Coverage
Another potential drawback of renters insurance is that it may not cover certain types of losses, such as damage caused by flooding or earthquakes. Tenants need to review the terms and conditions of their policy carefully to understand what kinds of losses are covered and which are excluded.
Renters insurance is an insurance policy that can cover theft, water backup damage, certain natural disasters, bodily injuries and more in a rented property. If you rent an apartment, home or even a dorm, renters insurance is recommended for protecting your space and belongings in the event of a covered accident.
For instance, if your washing machine suddenly breaks resulting in water damage to your apartment and the belongings inside, your renters insurance policy will usually cover the costs. This applies to other household appliances, as well as plumbing, heating systems, cooling systems and fire sprinklers.
If your TV breaks due to covered perils such as fire, theft, vandalism, or certain natural disasters, your renters insurance should come to the rescue. Additionally, if the damage is caused accidentally, like knocking over the TV during a move or a clumsy moment, renters insurance will likely cover it.
You may be covered if a power surge causes electrical damage to your rental (once you've met your deductible). But damage you caused by dropping your laptop and breaking the screen or chucking your video game controller at your TV, won't be covered.
Standard renters insurance does not cover natural disasters like floods, earthquakes, and sinkholes. If you live in an area prone to these events, you'll need separate policies for each. For example, the National Flood Insurance Program offers flood insurance to protect against water damage from floods.
How much renters' insurance is enough? According to Insurance.com, Many landlords require tenants to purchase a renters' insurance policy with a minimum coverage of between $100,000 and $300,000. The more coverage a tenant has, the less potential risk there is for a landlord.
Personal liability coverage is part of a standard renters insurance policy. It may help pay for another person's medical bills or repairs to their property if you're found legally responsible for their injuries or property damage.