Renter's insurance (sometimes called tenant's insurance) helps cover unexpected events, also known as covered risks. You may not always be able to. Allstate estimates that, for a standard two-bedroom flat, the value of the average renter's personal property in the U.S. In particular, many insurers exclude coverage for aggressive dog breeds, such as pit bulls, and may even deny coverage if you own one of these breeds.
One caveat is that insurance companies often include in their policies that they will only cover the expenses of an attorney of your choice. If the coverage you need is not available as an endorsement, you may have to purchase an additional insurance policy, separately, to make sure you are adequately covered. We recommend that anyone renting a residence consider purchasing a renter's policy as an affordable way to protect themselves from the financial impact of these events. When purchasing a renters insurance policy, you should be sure to select limits that cover you in the event of a total loss.
The personal property and liability coverage provided by renters insurance will not protect you from all risks. If you own expensive individual items, you should be sure to purchase a renters insurance policy where you can increase the sub-limits to ensure that you are fully covered. Most standard renters' policies do not cover damage caused by earthquakes or floods, although some companies may offer supplemental coverage if you pay extra. Lawyers appointed by insurance companies are usually experienced litigators and work on behalf of their assigned clients.
In the case of renters' insurance, the policyholder would make a claim for damage to or theft of personal belongings, liability coverage or additional living expenses incurred. 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. Renters' insurance will rarely or never cover damage to your personal property for some specific perils, such as earthquakes, riots, and pests. 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.
Here we have listed some of the most common exclusions and coverage limits in renters' insurance policies. However, your insurer will not reimburse you for every event related to these coverages, as only certain events or perils may be subject to a claim.