A couple weeks ago we talked about owning and an owner-occupied rental dwelling. In that case, if you are the homeowner than your belongings will be covered under your homeowner's policy. However, if you are the tenant at this property, you would want to obtain a renter's policy.
Let's take a look at what your renter's policy will cover!
TYPES OF PERSONAL PROPERTY COVERED
We can find ways to cover ALMOST everything! Everything from your desk, bedframe, rug, coffee table: all can be covered. Your TV, game consoles, and games: can be covered. Your laptop, PC and your smartphone: can be covered. Items that you may leave outside your home such as, a bicycle, doghouse, even the trees and shrubbery: can be covered.
How items are covered and what they are covered for can differ from policy to policy and my vary from someone else's. No personal property coverage is the same and a lot of items can have limits. It's best to work with an Agent to discuss what you have especially if you need more coverage for a single item more than someone else might. Thanks to endorsements, its possible to customize a policy to fit your coverage needs and that's what we are here for.
TYPES OF PERSONAL PROPERTY THAT IS NOT COVERED
While insurance covers almost everything, on insurance policies it's much easier to state what the policies don't cover. Most policies will state the insurance company's exclusions on the renters policy. Here are the items not covered:
This may seem obvious to you but your car is not covered under your renters policy. This will be covered under your auto insurance policy. Although, your renters insurance may cover your belongings that are inside your vehicle.
Animals are not covered under your renters policy. This includes, dogs, cats, fish, birds...ect.
Unfortunately, your aircraft is not covered under your policy. Neither are the parts!
The device you use to store your data is covered, the value of any data may not be. The policy will replace the hard rive but there will be no reimbursement for any accounts or intellectual property.
YOUR ROOMATES STUFF
The property of anyone living with you permanently is not covered under your policy unless they are related to you. This would mean that any roommates or tenants need to purchase their own renters insurance policy.
Insurance policies sometimes contain a lot of grey area. That's what we are here for. To answer your questions and ensure that you are properly covered no matter what your situation is. If you want to get some questions answered, click the link below!