Do you or are you looking to rent an apartment? You may have thought about getting renters insurance, or maybe you had to get renters insurance as a condition of your lease. Renters insurance provides coverage for your personal belongings, personal liability, and additional living expenses in case your home becomes uninhabitable due to a covered peril. When hearing of covered perils, you may ask yourself, ìdoes renters, insurance cover tornado damage?. Most standard renters insurance policies will have the same or similar lists of covered perils. Fire, theft, and vandalism, among others, are usually covered. It's always a good idea to check and make sure of what perils are named in your policy and the limits for a claim. Luckily, wind-related damage is typically included on this list, which means you're covered in the event of tornado damage. However, there's a little more to consider.
Types of Coverage
So, if disaster does strike, how exactly does renters insurance cover tornado damage? There are a few different types of coverage included in a basic policy that can come into effect. First of all, if your personal belongings are damaged in the event, your policy will cover it. This often even includes items that are lost or damaged while in your car. Secondly, your renters' insurance should cover the cost of repairs for damage that is not covered by your landlord's insurance. Your landlord's insurance covers exterior structures and common areas, but your policy will kick in for interior structures or even when your landlord reaches their policy limit. Finally, additional living expenses pay for things like hotel fees or the cost of buying or replacing food if your rental unit becomes temporarily uninhabitable.
Additional Coverage Options
As mentioned, renters insurance will cover tornado damage to your personal belongings. However, this is only true up to a certain limit. If you have items that are of especially high value, like jewelry, luxury furniture, or artwork, you may wish to purchase additional personal valuables coverage. Furthermore, many basic plans will have what's called actual cost coverage. As the name suggests, this type of coverage will reimburse you for the actual value of the item that's been lost or damaged. This factors in depreciation--like the fact that your 10-year-old television likely isn't worth much today. Luckily, you can pay a little extra to have replacement cost coverage. With this coverage, you'll simply be given enough to cover the cost of replacing your item outright - which means you get a brand-new television in place of your decade-old set!
Coverage for Related Perils
It's been good news so far - you're covered for many of the costs associated with wind damage from tornadoes. Unfortunately, while renters insurance covers direct tornado damage, it doesn't always cover damage from perils that can come about as a result of tornadoes. One type of peril that often isn't included in standard renters insurance is water from exterior sources. Tornadoes can easily cause issues like flooding, which is not included in your coverage. Flooding is a huge risk in many areas and comes with steep financial hits. Damage from flooding is simply too common and too expensive for most insurers to cover as part of a normal policy. You'll likely need to purchase special flood coverage separately, sometimes as a whole new policy instead of an addition. Ask your insurance agent about the cost of flood coverage.