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<p class="has-black-color has-text-color has-medium-font-size">Renters insurance is a good option for any renter. Before you sign-up, you should know a few things about what insurance does cover, like items stolen from your car, and what it doesn't, such as costly art.</p>
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<p class="has-black-color has-text-color has-medium-font-size">Let’s be honest, reading the fine print of your&nbsp;renters&nbsp;insurance&nbsp;policy&nbsp;isn’t exactly&nbsp;<em>fun</em>.</p>
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<p class="has-black-color has-text-color has-medium-font-size">After all, your&nbsp;insurance&nbsp;company&nbsp;doesn’t exactly hire John Green to write it, and trying to wrap your head around a bunch of legalese can be, well, exhausting.</p>
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<p class="has-black-color has-text-color has-medium-font-size">But if you are one of the lucky ones that do read the policy, you may find that your&nbsp;renters&nbsp;insurance&nbsp;policy&nbsp;covers (and doesn’t cover) more than you originally thought.&nbsp;</p>
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<h2 class="has-black-color has-text-color has-large-font-size">Surprising things that&nbsp;<em>are</em>&nbsp;covered by renters insurance</h2>
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<h3 class="has-black-color has-text-color has-large-font-size">Items stolen from your car</h3>
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<p class="has-black-color has-text-color has-medium-font-size">Many renters insurance policies include off-premises&nbsp;renters&nbsp;insurance&nbsp;coverage. This typically covers belongings that are&nbsp;<em>outside</em>&nbsp;of your home and provides the same coverage as your inside possessions.&nbsp;For instance, if your car is broken into and your laptop is stolen, you’ll be covered.</p>
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<p class="has-black-color has-text-color has-medium-font-size">However, it’s important to note that your&nbsp;renters&nbsp;insurance&nbsp;will&nbsp;<em>not</em>&nbsp;protect&nbsp;<em>your car</em>&nbsp;against damage or theft (that’s a&nbsp;car&nbsp;insurance&nbsp;thing), it only covers the&nbsp;<em>stuff</em>&nbsp;inside the vehicle.</p>
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<h3 class="has-black-color has-text-color has-large-font-size">Items stolen while traveling</h3>
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<p class="has-black-color has-text-color has-medium-font-size">Your off-premise coverage may also cover you in the event that you are traveling and your&nbsp;personal possessions are stolen.</p>
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<p class="has-black-color has-text-color has-medium-font-size">This means that if your laptop, or iPad, is stolen from your hotel room while you’re on vacation, it’s likely covered by your renters insurance. This is because the stolen item is considered “insured property” and it will be covered whether it’s in your rental or not.</p>
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<p class="has-black-color has-text-color has-medium-font-size">To ensure that your personal belongings are covered, it’s a good idea to contact your insurance provider before you leave on your vacation. Your insurer can help you determine if&nbsp;the&nbsp;personal property&nbsp;that you plan is&nbsp;protected under your policy or better left at home.</p>
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<h3 class="has-black-color has-text-color has-large-font-size">Living expenses</h3>
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<p class="has-black-color has-text-color has-medium-font-size">If your home is destroyed by an insured disaster and you can no longer live there, temporary living expenses like a hotel room, rent, meals, and the costs associated with storing your stuff may be covered by your additional living expenses (ALE) coverage.</p>
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<p class="has-black-color has-text-color has-medium-font-size">Basically, ALE (not the beer) covers all of the expenses that you wouldn’t have had to pay for if you were still able to live in your home.&nbsp;However, if your home is destroyed by an uninsured disaster, let’s say water damage due to a flood, then you will not receive ALE coverage.</p>
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<h3 class="has-black-color has-text-color has-large-font-size">Other people’s injuries</h3>
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<p class="has-black-color has-text-color has-medium-font-size">If someone has an accident in your home, your renters insurance can help to cover that person’s medical expenses.</p>
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<p class="has-black-color has-text-color has-medium-font-size">For you, this means that your clumsy best friend can finally come over for a visit without the worry of becoming a liability. After all, if she trips over a rug (or let’s face it, thin air) and takes a nasty fall, your renters insurance will have your back when it comes to medical bills.</p>
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<p class="has-black-color has-text-color has-medium-font-size">This perk alone, which is typically covered under&nbsp;bodily injury&nbsp;insurance, is a great reason to&nbsp;get&nbsp;renters&nbsp;insurance.</p>
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<h3 class="has-black-color has-text-color has-large-font-size">Other people’s property</h3>
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<p class="has-black-color has-text-color has-medium-font-size">Your renters insurance may also cover damage to other people’s property and prevent you from having to pay for broken items out of pocket.</p>
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<p class="has-black-color has-text-color has-medium-font-size">Let’s say your child throws a baseball through your neighbor’s window. Your&nbsp;renters&nbsp;insurance, thanks to&nbsp;personal&nbsp;liability&nbsp;coverage, may help to cover some of the costs associated with repairing or replacing the damaged property.</p>
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<h3 class="has-black-color has-text-color has-large-font-size">Your family</h3>
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<p class="has-black-color has-text-color has-medium-font-size">You may be surprised to learn that many of the top renters’ insurance companies&nbsp;can cover anyone living under your roof that is&nbsp;related to you by blood, marriage, or adoption.</p>
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<p class="has-black-color has-text-color has-medium-font-size">This means that if your mom comes to live with you for a few months, she will be automatically covered by your policy, as long as you have enough coverage!</p>
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<p class="has-black-color has-text-color has-medium-font-size">However, if your house gets broken into and your roommate’s things are stolen, your insurance won’t cover their personal property. That is unless your roommate is also your sister.</p>
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<h3 class="has-black-color has-text-color has-large-font-size">Your pets</h3>
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<p class="has-black-color has-text-color has-medium-font-size">If you go to your friend’s house and your dog destroys&nbsp;<em>her</em>&nbsp;beautiful new couch, your&nbsp;renters’ insurance will cover it.</p>
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<p class="has-black-color has-text-color has-medium-font-size">However, if your cute little pup destroys<em>&nbsp;your</em>&nbsp;new couch, your rental insurance will not cover the expense of replacing it (more on this below).</p>
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<h2 class="has-black-color has-text-color has-large-font-size">Surprising things that&nbsp;<em>aren’t</em>&nbsp;covered by renters insurance</h2>
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<h3 class="has-black-color has-text-color">Certain disasters</h3>
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<p class="has-black-color has-text-color has-medium-font-size">Most renters insurance will not cover&nbsp;disasters like floods and earthquakes. You may be able to purchase additional flood insurance coverage from a private provider.&nbsp;</p>
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<p class="has-black-color has-text-color has-medium-font-size">Similarly, you may be able to add earthquake coverage to your policy.</p>
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<p class="has-black-color has-text-color has-medium-font-size">If your personal property is destroyed due to a&nbsp;volcanic eruption, wildfire, or tornado,&nbsp;you are likely already covered under your renters insurance policy.</p>
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<h3 class="has-black-color has-text-color">Replacement costs</h3>
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<p class="has-black-color has-text-color has-medium-font-size">If your rental was robbed and the expensive sound system you bought five years before was stolen, you may be surprised to learn that you won’t get back enough money to fully cover the&nbsp;replacement cost, even though&nbsp;personal property&nbsp;coverage&nbsp;comes standard in most&nbsp;renters&nbsp;insurance&nbsp;policies.</p>
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<p class="has-black-color has-text-color has-medium-font-size">This is because unless you have purchased&nbsp;replacement cost&nbsp;coverage, regular&nbsp;renters&nbsp;insurance&nbsp;will cover your&nbsp;personal belongings&nbsp;at their&nbsp;actual cash value&nbsp;(ACV).</p>
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<p class="has-black-color has-text-color has-medium-font-size">For example, if your sound system cost you $2,500 five years ago, the&nbsp;insurance&nbsp;company&nbsp;might only offer you $1,000 to cover what it is worth today.</p>
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<h3 class="has-black-color has-text-color">Expensive jewelry, art, or antiques</h3>
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<p class="has-black-color has-text-color has-medium-font-size">If you have expensive valuables like jewelry, art, or antiques, be aware that your renters policy might not cover these items. You may be required to purchase a “floater” policy to provide additional coverage for expensive possessions.</p>
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<p class="has-black-color has-text-color has-medium-font-size">Most insurance policies will come with&nbsp;maximum limits for each type of coverage. So, let’s say you have a ring that costs $5,000, but your policy has a maximum coverage limit of $2,500 for jewelry, then it would be up to you to cover the difference.</p>
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<h3 class="has-black-color has-text-color">Property damage from pests</h3>
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<p class="has-black-color has-text-color has-medium-font-size">In the unfortunate event that your personal belongings are damaged by rats, bed bugs, or other rodents, bugs, or vermin, most renters insurance policies won’t cover the damage. This is true even if your infestation is so bad that you are required to leave your rental and find temporary housing.</p>
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<p class="has-black-color has-text-color has-medium-font-size">Some&nbsp;renters&nbsp;insurance&nbsp;policies may offer bed bug&nbsp;insurance, but it is not usually considered part of a&nbsp;standard&nbsp;renters&nbsp;insurance&nbsp;plan and would come at an additional cost.</p>
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<h2 class="has-black-color has-text-color has-large-font-size">Summary</h2>
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<p class="has-black-color has-text-color has-medium-font-size">If you rent and assume that your landlord’s insurance policy will cover you in every situation, you may want to think again.</p>
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<p class="has-black-color has-text-color has-medium-font-size">Renters insurance is the best way to ensure that your finances aren’t set back by a clumsy friend or major damage to your rental. While it’s an additional living expense, it’s often well worth the (low) cost.</p>
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<p>To read the full article,&nbsp;<a href="https://www.moneyunder30.com/surprising-things-renters-insurance-does-and-does-not-cover">click here</a><a href="https://www.thebalance.com/what-is-hazard-insurance-5209151">.</a></p>
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