Renters insurance covers many things which include hail, lightning, windstorms, wildfires, the weight of ice, snow or sleet. However, when getting renters insurance it is important to understand what may or may not be covered. When you buy a renters insurance policy, you can typically choose whether you want replacement cost coverage or actual cash value coverage. Replacement cost coverage helps reimburse you for the amount it would cost to buy a similar item today, while actual cash value coverage helps reimburse you for the depreciated value of the item before it was damaged. The type of coverage you have will help determine how much your policy pays toward a covered claim. You also must keep in mind that regardless of which option you choose, you also have to keep in mind that limits and deductibles may apply. This means that there is also a maximum amount that the insurance company will give you when replacing an item.
What if Storm Damages a House That You Are Renting?
If you are renting a home that is hit by a storm and there is damage to the property, it is the landlord's responsibility to get the issues fixed as you do not own the home. In the case of such damage from things such as wind, hail, fire, etc., the landlords have landlord insurance that they must use to fix the damage that is done to their property. However, it is important to note that the landlord is only responsible for the damage that is done to their home. In the case of damage that may be done to your personal property inside the home, you are responsible for. Any of your personal property that is damaged can be claimed under your personal renter's insurance. This requires you to look into the policy, keep track of what is covered, make sure that all the property that you want to be covered receives coverage, expand your insurance plan to cover everything that needs to be covered, and make sure that you know the deductibles and limits in your plans.
What Type of Storms Are Not Covered by Renters Insurance?
Your renter's insurance will always say what is and what is not covered. Therefore, when looking into insurance plans it appears that most insurance policies typically do not cover flood damage or earth movement. In the case of flood damage, typical insurance does cover water damage to an extent, however, when it is a full-on flood, it does not fit under the policy. In the case that you are living in a flood-prone area, you can purchase separate insurance through the National Flood Insurance Program to help cover in the case of a flood. Furthermore, in the case of earth movement, which includes situations such as an earthquake, landslides, or volcanoes, there are also separate insurance plans that work for such events. Getting in touch with an agent is the best way to get to learn all your options and help you figure out which insurance plan is the best for you.
What Are Other Ways That Renters Insurance Can Help?
Renters insurance can help direct property damage, but moreover, it can also help other damage that comes from storms as well. This may help pay for certain increased costs, such as hotel or restaurant bills if the residence you're renting is left temporarily uninhabitable from an event like a windstorm or wildfire. Examples of this include debris removal. If your policy covers it, renters insurance may help to remove any debris that came in from a storm. In another example, if you are forced to remove furniture or other belongings from your home in case of a storm and it gets damaged, then this may be claimed as well. Terms and limits may apply to all policies, however, to get more information it is important to read your policy or talk to an agent to learn what storm-related coverage is available for you.