Did you know that just buying renters insurance might not be enough to protect you? Renters insurance is not an “all risk” policy, nor is it designed to be. What sort of scenarios might require additional coverage? Here are five examples that most people haven’t considered. Your coverage is deeply personal and reflective of your lifestyle. The best way to determine how to meet your needs is to work with an Effective Coverage insurance expert.
Renters insurance might not cover earthquakes. Your Las Vegas Renters Insurance excludes earth movement from the policy. Earthquakes and mudslides are not covered under the standard policy form.
You often may purchase an endorsement to cover earth movement. This endorsement is usually quite affordable. You’ll find that the endorsement covers a limited and defined amount of personal property. It may also contain a separate deductible.
Earthquake coverage is something that many people ask about. It’s easy to find out the cost and to add the coverage.
Renters insurance does not cover floods, as they’re defined in the insurance world. However, there is often a disconnect between common usage of the word and the meaning that flood takes within an insurance policy.
First, note that burst pipes and accidental overflow of most water is a covered loss under the standard renters insurance policy. These are not floods in any sense of the word. Water backup of sewers and drains is not covered by the standard policy. Fortunately, you can endorse the coverage onto the policy for just a few dollars a year.
In insurance, “flood” is defined narrowly as water moving along, through, or under the ground. If you live on the twentieth floor you’re not immune. What about water moving over your balcony and seeping in through a poorly sealed door frame? That would likely be considered a flood and not covered. Consider all your potential exposures before deciding you’re not worried about floods.
Flood insurance is available separately. It is usually affordable for renters because it’s only covering contents. Your Las Vegas Renters Insurance covers a wide variety of other types of water damage. Those other forms of water damage all are far more common than significant flood losses.
What happens in Vegas stays in Vegas! Your money almost always stays in Vegas, thanks to the casinos. While you might feel that they robbed you, that’s not a covered loss.
What about your cash? If you’re robbed outside a casino, is that covered? Sort of – but there’s a caveat.
Theft of cash is sublimited, generally to $200. You can’t readily prove what you had, or that a theft even occurred. That makes it difficult to insure. Don’t forget this applies to cash equivalents, as well. Casino chips may well be seen as cash equivalent.
If you have a fish tank, you’d be well advised to get separate coverage for it. Your renters insurance won’t cover the damage if it breaks. That’s because it’s an additional and significant risk. The policy was designed to cover burst pipes. The policy was not designed to cover bursting of a glass tank filled with water.
Coverage is available for fish tanks in certain scenarios. Consult your insurance expert if you have other non-standard pets, too. If your pet turtle gives the neighbor kid salmonella or your pet rat gives them rat bite fever, could your liability coverage respond? In those cases, probably – it’s within the scope of bodily injury caused by your negligence. With more exotic pets, however, it’s worth a read of the policy and a consultation with an insurance expert.
You have personal property coverage on your policy, and you might assume it covers all of your property. But if you read the policy, you’ll find that there are sublimits for guns, fine arts, and theft of jewelry among other classes of property. The commonality is that all three are easily mobile, high-value items. In other words, the exact type of property for which inland marine or personal articles floater policies were designed.
The sublimit for jewelry is specific to theft. Other perils are not impacted. You can endorse jewelry onto a renters insurance policy up to certain limits. But the best protection comes from a floater policy that offers open perils coverage and often comes with zero deductible. Your insurance expert can help you determine what type of coverage is best for your jewelry and what documentation you should have available.
Renters insurance covers a broad array of perils, but everyone’s lifestyle and risk profile is different. A brief conversation with an Effective Coverage insurance expert can help you to find the right coverage. More importantly, that same conversation can help you to understand the coverage. When you know the spectrum of things against which your property and assets are protected against, the value inherent in renters insurance will amaze you!
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