Anything Not Covered by Renter’s Insurance
Just as there are some unexpected repairs and problems that are not your landlord’s responsibility , there are some losses that renters’ insurance should not cover. This is annoying news for those of us whose landlords require us to have renter’s insurance (although, to be fair, every renter should have one ), so let’s see what insurance doesn’t cover before it becomes a problem.
What is not covered by renter’s insurance?
The main value of renter’s insurance is that it protects your personal property, so if your neighbor has a fire and your couch is smoky or sprinkler damaged, you’re fine. If your pipes are leaking or someone is stealing your stuff, you’re fine too. But there are times when you are out of order, even if your personal property is damaged.
According to MoneyGeek , damage from floods, sinkholes, bed bugs (or other pests), and earthquakes are not covered by renter insurance. You need special, separate flood and earthquake insurance, which you can get if you live in an area where they are common. You are insured against vandalism, but according to Value Penguin , damage caused by riots is also not insured.
Finally, everything that belongs to you, but is not in the apartment, does not count either. Your car can be parked outside the place you rented, but if it gets damaged or stolen, it’s not a problem for your renter’s insurance.
Who is not covered by renter’s insurance?
Renters insurance also doesn’t cover anyone but you. If your roommate doesn’t have renter’s insurance, and you do, they’re still not insured if their property is damaged, even if you live in the same house and can even use their stuff.
You can add your roommate to your policy, but be aware that this will make insurance worse for both of you. As Value Penguin points out, adding a non-relative to a policy splits coverage among all of its members, so if your policy is insured up to a certain amount of damage, you’ll split coverage across all of your possessions. It’s best to have your roommate have their own policy to avoid disputes or low payouts.