Your renters insurance policy can help pay for the repair or replacement of personal electronics, including a laptop, smartphone, tablet or personal computer, if they are stolen or damaged due to certain causes. Renters insurance can also help cover the theft of your belongings. Kara McGinley is an insurance editor at Policygenius, specialising in home, car and renters insurance. A comprehensive policy is usually more expensive than a fully comprehensive policy because you are more likely to suffer a loss that the renters' insurance company is responsible for reimbursing.
If you do, and you have expensive electronics that you want to be fully covered for lightning damage, consider purchasing additional coverage for them with an addition to your renters insurance policy called an endorsement or rider. When you purchase a renters insurance policy, you should be sure to select limits that cover you in the event of a total loss. Your insurance company will review your claim and reimburse you up to the limit of your coverage, an amount you select when you purchase renters insurance. Renters' insurance provides solid coverage for all your belongings, including common household appliances and machines.
But while renters insurance does not cover damage from electrical surges, it does cover damage caused by lightning strikes. When it comes to insuring your electronics, you are only covered for the risks that your homeowners policy explicitly states. When damage to or theft of your personal property is covered by your renters insurance, you can file a claim for reimbursement up to the limits of your policy. This also means that your insurance will not pay if your electronic device is damaged in an accident, such as if you drop it and the phone breaks, or if it malfunctions.
Whenever a new big-ticket item arrives in your home, you'll want to work with your insurance agent to find out if it will be covered by your current homeowners or renters coverage, or if it requires a rider or supplemental insurance policy to be covered. Renters insurance covers costs associated with damage to or theft of your personal property, liability damage, emergency medical expenses for guests, and additional living expenses if you have to relocate temporarily. For example, if lightning strikes your flat and causes a power surge that fries your television, your renters insurance will cover part of the damage up to your policy limit. Along with other pests, such as rodents, these are considered a maintenance problem, and are not covered by your standard renters policy.
If you are at risk from these perils and cannot obtain earthquake or flood coverage through your renters insurance policy, you will need to purchase a separate flood or earthquake insurance policy for your personal property. Although liability insurance covers most legal liability-related expenses, there are some important exceptions for pets.