Most people have more stuff than they think, and replacing all that stuff is expensive. Renter’s insurance is similar to Homeowners Insurance Greensburg PA, but it is designed for those who rent homes. If your property is stolen or damaged, renter’s insurance covers the loss, as long as replacement cost and ownership are documented. However, there are certain things not covered under a renter’s insurance policy, which we will discuss here.
Natural Disaster
Some think that renter’s insurance pays for damages due to natural disasters, but the opposite is true. Basic policies do not; if you live in an area where wildfires, earthquakes, sinkholes or flooding are common, think about buying separate coverage for those eventualities.
Self-Inflicted Damage
If someone is injured and it’s your fault, you are not covered under a renter’s insurance policy. If you believe that injury to others or damage to others’ property is possible, include liability insurance in your renter’s coverage. Liability insurance covers injuries and accidents occurring in your home or apartment, and it pays legal fees in the event of a lawsuit.
High-Value Items
If you have expensive collectibles, artwork or jewelry, basic renter’s insurance does not cover it. You’ll need a separate policy for your valuables, and you should not buy these policies until you’ve had your items professionally appraised.
Things you Cannot Document
If you can’t prove the value of your belongings with receipts, you may not be covered. To prevent this, follow these steps:
Keep receipts for significant purchases
Retain serial and model numbers for electronics
Have valuables appraised
Buy a safe or lock box to store documents, and consider digitizing them and storing them online
Take pictures of your valuables (with a digital camera or smartphone app)
Roommates’ Possessions
If you live with a family member, your possessions are covered under their Homeowners Insurance Greensburg policy. However, if you’re living with someone to whom you aren’t related, you’ll need to buy your own renter’s policy. Renter’s policies can cost as little as ten dollars per month, making them very affordable. The average renter has over $20,000 in property, and should inventory their possessions and buy coverage accordingly.
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