What Does Renter’s Insurance Cover and What It Doesn’t?

April 27, 2022

As a renter, you need coverage to help protect you in the face of loss. Don’t make the mistake of counting on your landlord’s policy to cover you. Instead, you need renter’s insurance that will provide you with the coverage you need. This way you don’t have to rely on someone else to protect you financially. You know you are covered when you buy the policy.

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Typically insurance renters buy is to help them cover the cost of their personal belongings should they be lost, damaged, or stolen. However, it can also protect you against personal liability. This liability can occur when you are not even on your own property. If you damage someone else’s property or cause physical damage to someone, they may come after you for financial compensation. The liability insurance on your renters insurance could provide the protection you need.

Personal Liability Coverage and How it Works

Personal liability could mean court costs, medical costs, or the cost to repair the property that you damaged. Would you rather someone be able to come after your finances or go through your insurance company?

Renters insurance covers personal liability that is related to injuries to a person or damage to personal property. The incidents the insurance covers are broad, but a few typical examples include:

  • Dog Bites
  • Slipping and falling
  • Injured hired help
  • Intoxicated guests
  • Damages from any hazards around the property such as falling trees

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The issue with claims such as these is usually the expense. A dog bite injury alone can cost thousands of dollars depending on its severity. When you compare the cost of the liability to the cost of the renters insurance, you’ll likely see the value in buying the insurance coverage.

What Isn’t Included in Personal Liability Coverage?

Many liabilities are covered under your personal liability coverage, but there are a few exclusions:

  • Dog bite injuries from certain breeds – The dog breeds excluded from your renter’s insurance coverage will vary by insurance company. A couple of examples include the Doberman Pinscher and the Pit Bull. Again, this is not a blanket statement regarding all insurance companies, as some don’t exclude any breeds.
  • Trespassers – If someone breaks into your property or otherwise comes onto your property as a trespasser and gets injured, they cannot file a claim against you.
  • Auto accidents – If you cause damage to a property, your renter’s insurance won’t cover it. Instead, the damages would be covered under your automobile insurance.

Renters insurance could protect you from having serious financial issues down the road. Would you rather pay a few hundred dollars for renters insurance or several hundred thousand dollars for someone’s injury? The answer is pretty simple to figure out and can help you make sure you are protected.

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