Where your renters insurance might leave you exposed.

If you are living in a rented space, then you know how important it is to have the right renters insurance in place.  While renters insurance is designed to offer personal property, personal liability, and loss of use coverage for a variety of risks, there are some coverage exceptions.  These are some of the things that your renters insurance will not cover.

  • Certain Natural Disasters

While renters insurance offers protection against most natural disasters, there are certain extreme events that are excluded from coverage.  For instance, some policies may exclude coverage for damage related to tornadoes and hurricanes.  Virtually all renters policies will exclude coverage for earthquake and flood damages.

  • Your Security Deposit

Many renters assume that their insurance will reimburse them for any money that their landlords deduct from their security deposit at the end of their lease.  Unfortunately, this isn’t the case.  Since your security deposit is actually a form of insurance against any damage you might cause to the rental property, this money cannot be insured.

  • Your Roommate’s Belongings

If you share your rented space with a roommate, it’s important to understand that your policy will not automatically provide coverage for their belongings.  If your roommate wants protection, then you have some options.  You can opt for a joint policy that will offer coverage for multiple renters.  However, if you choose this option, please be aware that you may be paying for unnecessary coverage, especially if your roommate owns high-value items.  This coverage option can also cause issues if you or your roommate decides to move out.  Generally, roommates are encouraged to secure their own renters policies to avoid unnecessary complications.

These are some of the things that your renters insurance policy will not cover.  Do you have additional questions about your renters coverage?  If so, then contact the experts at the Scavone Insurance Center in White Plains, New York today.

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