When budgeting for a new apartment, it is essential that you also budget for the cost of renter’s insurance. Did you know that if there is a house fire at your rental, the landlord’s insurance coverage will only cover the home itself, not your contents within the home? At Swartz Premier Group Insurance in Moberly, MO, we have seen renters become very disappointed with this reality. So, we are here to spread the word about the necessity of renters insurance and what you can expect to cover with a policy.
A renter’s insurance policy will provide coverage for your contents in a covered peril that damages your rental home. You can get reimbursed for your personal belongings, compensation, and reimbursement while you are displaced from the house until it can be inhabited again. You can also get liability coverage to protect you financially if a visitor is accidentally injured in your home and has medical expenses. These coverages are excellent to have and cost as much less than a family night out to dinner in most cases (depending on how frequently you pay your policy premiums.
Policy Exclusions
Any renter’s policy has exclusions (things your renter’s policy will not cover). You must understand that renter’s insurance will not cover damage to the exterior of your rental home, such as damage to your roof or siding. In addition, a renter’s policy will not cover sinkholes, floods, and earthquakes, though you may be able to purchase additional coverage to protect against those perils.
Furthermore, a renter’s policy will not cover pest damage from ants, bed bugs, rats, and mice. Another common exclusion on a renter’s policy is damage from sewer lines that are backed up, nor will they cover the belongings of a roommate who is not listed as a named insured on the renter’s policy.
Lastly, your renter’s policy exclusions include normal wear and tear, losses that happened before you purchased your policy, or damage caused by a widespread power outage.
Give us a call today!
For more information about what you can cover with a renter’s policy and what is excluded, call us at Swartz Premier Group Insurance in Moberly, MO, at (660) 263-8900.
