Cierra, who is thinking about buying Denver renters insurance in 2017, wrote in to ask us
What are renters insurance perils? Are those the things that could happen to my personal property? I’ve seen the word, but I haven’t found a good definition. What would be covered if I buy renters insurance in 2017?
Great question, Cierra. Buying renters insurance is also a great way to kick off the year and protect yourself! Basically, renters insurance perils are the things named in the policy against which you’re protected. Obviously there’s a bit more to it than that so let’s take a look at the entire list…
What Are Renters Insurance Perils?
One of the questions we get asked most often what perils are covered by renters insurance. There are quite a few of them, so let’s dig deeper. The standard Colorado renters insurance policy protects your personal property against perils, or specific risks named in the policy. As you can see below, this list covers more than just fire and theft.
What Are Renters Insurance Perils And What Do They Mean To You?
That’s a pretty extensive list, right? So what are renters insurance perils, and what do they mean to you? That can depend on where you live. If you have coastal Florida renters insurance, you’re not likely to be concerned about volcanic eruptions. On the other hand, if you have coastal Texas renters insurance, wind coverage is a consideration. Wind coverage is an interesting question when considering risk. In an apartment, you don’t own the building so you’re not responsible for damage from a windstorm.
If I Don’t Have Wind Coverage, Is My Personal Property Covered From Storm Damage?
If you have a policy that excludes windstorm coverage, you can generally buy a wind policy. But should you? As we noted, you’re not responsible for the building since you rent. But you do have property in that building and a windstorm brings other risks with it.
If the loss would not have occurred but for the windstorm, you’re unlikely to have coverage for personal property. If the wind blows out a window and rain or hail comes through the opening, that’s probably not a covered loss. Wind is the proximate cause of the loss, and not covered if you don’t have wind coverage.
If you have to evacuate and your home is looted while you’re away, that could be a covered loss whether or not you have wind coverage. The theft could have occurred with or without the presence of the windstorm. The windstorm also didn’t directly cause the theft, unlike in the above example.
Why Are Fire And Smoke Separate Perils?
The source of a fire isn’t usually important for personal property claims, as long as you didn’t intentionally set the fire. Many recent construction apartment buildings can contain a fire to a single unit. However, smoke and water damage may permeate the entire building. You didn’t have a fire – your neighbor did. Your personal property is still damaged from the smoke, and you still have a covered loss.
What If My Apartment Is Flooded?
Well, that depends on what your definition of “is” is. Actually, it depends on which definition of “flood” you’re using. In insurance, flood is defined as water moving along, through, or under the ground. In common usage, flood covers a much wider spectrum.
If water moves along the ground and causes damage to your property, that’s a flood and it’s not covered under your renters insurance. You can get flood insurance for contents. It’s usually affordable, and it’s a good idea in many parts of the country. Flood insurance is a different product from renters insurance.
But what if the fire sprinklers go off because your upstairs neighbor hung their laundry on a sprinkler? That’s where their liability coverage kicks in. That could also be accidental discharge or overflow of water or steam. You’d probably make a claim on your policy, and then your insurance company would go after the person who caused the loss. They’d recover what they could, possibly including your deductible.
Why Do I Need To Understand My Renters Insurance Covered Perils?
Ultimately, it’s your responsibility to know what’s in the policy. The policy is the contract that controls what’s covered and under what circumstances. By reading and understanding your policy, you’ll know what you have coverage for. Understanding renters insurance covered perils is crucial to knowing when your policy will help you. That understanding also can help you to locate risks you’d like to be covered against.
Many of those risks can be endorsed onto the policy separately. Earthquake coverage can be added. Water backup of sewers and drains also can be added. Reading your policy helps you to understand sublimits as well.
Do you need extra jewelry coverage on your renters insurance? There are other types of coverage you can add, as well. An Effective Coverage insurance expert can help you to customize your policy for your individual needs in just minutes.
Why Are Unlikely Perils Included On My Policy?
Some perils are specific to where you live. Someone with Texas renters insurance might scoff at the idea of needing coverage for the weight of ice and snow. It’s not impossible to get that much snow in Texas. Just a few winters back, a community where we offer Arlington, TX Renters Insurance was surprised by a major snowstorm. It resulted in some pretty significant damage, and those losses were covered.
Effective Coverage can help you get the right coverage quickly. You can buy renters insurance online from your cell phone or call and get all the answers you need. Just call (800)892-4308 or click to get covered - whether you need renters insurance quotes online or coverage anywhere else!
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