Renters insurance includes three important types of financial protection:
§ Coverage for Personal Possessions
§ Liability Protection
§ Additional Living Expenses
Consider the following to help you choose the right coverage when you are shopping around for renters insurance.
Feel free to contact our office for a no-obligation review of all your insurance needs.
1. What disasters are—and are not—covered?
Renters insurance covers you against losses from fire or smoke, lightning, vandalism, theft, explosion, windstorm and certain types of water damage (such as when the tenant upstairs leaves the water running in the bathtub and floods out your apartment or a burst pipe). Most renters insurance policies, however, do not cover floods. Flood coverage is available from the federal government’s National Flood Insurance Program (888-379-9531, www.floodsmart.gov) and from a few private insurers. You can get this coverage from the same agent or company representative who sold you the renters insurance policy. Earthquakes are not covered either. You can either get a separate policy or have it added as an “endorsement” to your renters policy, depending on where you live.