7 Things That Renter’s Insurance Does Not Cover?

Renter’s Insurance Policy is a type of insurance policy that covers a tenant if he faces the loss of property or faces a liability claim. For a homeowner, there are homeowners insurance likewise renter’s insurance policy is for the tenant. If you are living in a rented apartment then all you have is your belongings. So if something happens to that and you find yourself in a problematic situation, it becomes very hard for you to overcome. Renter’s Insurance Policy helps you to put you back in the same place where you were before the mishaps. It protects you from theft, burglary, electrical and plumbing malfunctions, weather-related damages. But it does not cover every type of loss. Now let us see what types of damages the renter’s insurance does not cover.

Read Also: A Guide To What is Renter’s Insurance?



Type Of Losses The Renter’s Insurance Does Not Cover

There are 7 types of losses that the Renter’s Insurance does not cover. They are:


1. If there is a Natural Disaster

Renter’s Insurance Policy gives coverage to weather-related damages like a hail storm, lightning, cyclone, tornado, etc. If you face losses due to these weather conditions the renter’s insurance is going to pay for the damages. It also covers your property from wildfire and volcanic eruption.

But the renter’s Insurance policy will not pay you if the cause of the damage is earthquake or flooding. A normal renter’s insurance policy does not cover this type of natural disaster. So if you live in an area which is prone to earthquakes or flood then you should buy additional insurance policies.

Flood insurance will protect your stuff if there is damage due to it. This type of policy doesn’t cover natural disasters.


2. Damages done by pests

The Renter’s Insurance Policy does not protect you from the damages done by pests like termites, rodents, etc. You have to be careful about this matter. So if you see any pests in your house give a call to the pest controller. They will help you to manage the situation. Properly apply pesticides in every corner of the house where there is a chance of pest attack. Proper precaution can help you to overcome the situation.


3. If someone steals your car

If someone steals your car from your rented apartment. Then your renter’s insurance policy is not going to cover you for your loss. For this, you need car insurance. Only a car insurance policy will protect you in cases like this. But the stuff that you have inside your car gets protection from renters insurance.

For example, you forgot your mobile in your car and someone steals it then the renter’s insurance policy will cover for your loss. But if the thief steals your car then you won’t get the insurance.


4. If you forget to mention your belongings

When you are buying a renter’s insurance policy make a list of belongings that you possess. It helps you to determine how much coverage you need. It also helps the insurance company to decide the rate of premium. The more assets you have the more premium you have to pay.

Keep the receipts of the stuff that you buy. Because at the time of claim you have to prove that you were the owner of the stuff that you are claiming. If you fail to prove it then the insurance company will reject your claim.

You can also make a video recording of the assets that you have. It will help you a lot at the time of the claim.


5. Does not cover the roommate

If someone other than your family is living with you in the rented apartment, renter’s insurance won’t protect his belongings. Suppose the roommate who is living with you losses his belongings then your renter’s insurance won’t cover his belongings.

To cover his belongings he has to buy a separate renter’s insurance policy in his name. But if your roommate is related to you then your insurance policy will cover his belongings too.


6. In the case of a rare and valuable item

If you have some valuable jewelry or you own a rare painting then your normal renter’s insurance policy won’t cover your stuff. To protect this type of valuable items you have to buy another insurance policy rider that will give you protection in case of theft or damages.


7. Damage of the house

The renter’s insurance policy will give you protection if something from your rented apartment gets stolen. But it won’t cover you if there is a problem with the house. If there is a leakage in the ceiling or the floor tiles are damaged then renters insurance will not pay you.

It comes under the home insurance policy. So you should inform your landlord if you are facing such kind of problem. It is his responsibility to provide you better living space. You don’t have to pay this from your pocket as it is the duty of the house owner.

Read Also: Here Are 6 Reasons Why You Need Renter’s Insurance!



Final Words

Like every other insurance policy, this one also serves a specific purpose. Renter’s insurance policy provides the policyholder protection of his belongings up to a certain limit. You must not expect a single insurance policy will cover all your damages. There are other insurance policies available for this. For the stolen car there is a car insurance policy, for valuable items, there is an additional rider, for flood, there is flood insurance.

Read the policy document carefully and ask the agent what type of protection you will get if you buy a renter’s insurance policy. There are a lot of insurance companies available in the market. So analyze policies from all the companies before buying a policy. If you like this article share it with your friends. For further information comment in our comment box below. We will try to solve your queries as early as possible.