Renters Insurance: What’s Not Covered
While renters insurance covers many types of theft and damage it does not cover accidental damage. For instance, if you drop your computer and it no longer works, you cannot file a claim to be reimbursed for a new computer. Accidentally breaking items are always your own expense.
Renters insurance also doesn’t cover flooding, sinkholes or earthquakes. You can always add flood and earthquake insurance to your standard renters insurance policy if these are high risk incidents where you live. The types of storms covered by a standard include tornados and other windstorms. Wildfires and volcano eruptions are also covered by renters insurance.
Even if a certain event is covered, like a camera getting stolen out of your car, you will not be covered for the loss if you don’t have proof of ownership. This is why it’s important to keep receipts and photos of your expensive belongings on your phone. In some cases, you may need a police report.
Renters insurance only covers the belongings of the person who took out the policy. This means that your roommate is not covered if he/she didn’t take out their own policy and set up an inventory of their own. Remember, renters insurance covers one’s belongings, not everything in an apartment.
Damage done by pests, rodents and bugs is not covered, nor is the cost of exterminating them. Renters insurance will also not cover damages to your car as a result of vandalism. That would be covered by comprehensive auto insurance. However, if your glasses were shattered when the vandal broke into the car, your eyeglasses would be covered by home insurance; your shattered car window by comprehensive insurance.
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Actual Cash Value (ACV) is also known as market value; a Replacement Cost Value (RCV) is when you're reimbursed for the same or similar item.
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