If you’re considering getting insurance for your rented house, you may have a few questions about renters insurance and whether it’s worth it. Here are some facts about renters insurance that will help you clear your misconceptions.
1. Any Damage Done by Pets Will Be Covered
Many policies include pet liability coverage in the unlikely event of property damage. But your renters insurance may not extend to specific breeds of dogs, such as pit bulls and rottweilers. In this case, you will need additional coverage for your pet.
2. Renters Insurance Does Not Cover the House Itself
Renters liability coverage includes your belongings in the house, but not the physical structure that you’re renting. If a thief breaks a window, it is not covered in the renters insurance. Your landlord’s insurance might cover such damages. Keep in mind that renters insurance will cover the things you own.
3. Your Roommate is Not Covered in Your Policy
The biggest misconception about renters insurance is that roommates share the policy. You need to get separate insurance unless the roommate is your family member, i.e., spouse, sibling, or child. You can add another person to your policy explicitly, but your roommate is not covered otherwise.
4. Items Don’t Have a Single Coverage
A fraction of the total replacement coverage is for your portable electronics like tablets and phones (not TV sets). This fraction depends on the insurance agency and the number of devices you own. Some renters insurance policies may not cover expensive items like antiques or gold, which will require you to obtain additional coverage for these high-value items.
5. If You Own Belongings, You Need Coverage
Never assume that you don’t possess valuable enough items to opt for a policy. Renters insurance is relatively inexpensive compared to the cost of the potential damage to your possessions. Knowing that your belongings are safe gives you peace of mind.
Hopefully, this clears up some renters insurance misconceptions you may have had. If you want to get renters insurance or home insurance, contact the experts at Weeks & Associates Insurance Services in Thousand Oaks, California, today. We are ready to assist you with all your insurance needs.