Purchasing renters insurance is one of the best decisions you will ever make, especially if you live in an apartment complex. Some apartment management companies even require that you subscribe to a renters insurance policy when you sign your lease with them. So what are some exceptions to your renters insurance coverage?
Flooding is the single most common natural disaster throughout the US. Even so, renters insurance won’t help you if your things are damaged or destroyed by a flood. Since renters insurance doesn’t apply in this situation, you will need to have flood insurance to cover you. Luckily, flood insurance is affordable. However, once you buy flood insurance, it won’t begin until thirty after you purchase it.
You also can’t use your renters insurance to provide coverage for your car. Any automobile you own needs to have auto insurance, or at least, some form of liability protection. Comprehensive coverage is another level of insurance that can protect your car against vandalism or damage from falling trees. One thing to note, however, is that renters insurance can protect anything stolen from inside the car. If you have been storing bicycles or other sports-related equipment inside your vehicle, renters insurance will cover those items as well.
Your Roommate’s Belongings
It may come as a surprise that your renters insurance policy won’t apply to your roommate’s belongings, either. Even though you live together, your roommate will only be covered if both of your names appear on your policy. You could potentially share a policy with your roommate, but that is not always a viable option. While sharing a plan could save money, it is best if both you and your roommate each have an individual policy.
Property Manager Neglect
One of the most common renters insurance claims is due to some form of landlord or property manager neglect. However, renters insurance will not protect you in these circumstances, either. For instance, if faulty plumbing led to a leak that soaked your living room furniture, your insurance wouldn’t help you cover the cost of replacing that furniture. Water isn’t the only hazard of neglect you would have to watch out for; you also wouldn’t be protected if that faulty wiring caused an electrical fire.
Get in Touch with Wachter Insurance
Whether you need homeowners’ insurance or automobile insurance, our team at Wachter Insurance Agency, Inc. is here to help. We offer all of our clients competitive rates, professional customer service, and a huge range of policies to choose from for your needs. We have been serving Maryland, West Virginia, Virginia, Pennsylvania, and the District of Columbia since 1969 and we would love to help keep your home and family safe every day of the year. For more information, give us a call at (301) 371-6335 or visit us online. For more blogs like these, follow us on Facebook, Google+, Twitter, and Pinterest.