While there’s a common misconception amongst first-time renters that a renter’s insurance policy is the same as a homeowner’s, the truth is that these insurance forms offer different coverage levels. This can be a complex area to navigate, which is why the AW Burchell Agency Inc. team in New York is dedicated to educating consumers about their renter’s insurance options. We aim to assist in choosing the best coverage to protect their finances from unexpected events.
Typically, renter’s insurance covers the replacement of your belongings after a deductible up to the limit set in the policy. It also covers any additional living expenses while you’re displaced from your home after a covered loss.
Further, a renter’s policy offers financial protection in case an incident that started on your property spreads to a neighboring property and causes damage. It also covers medical expenses and legal fees if someone gets injured at your residence.
What Isn’t Covered By a Renter’s Insurance Policy?
It’s important to note that a renter’s insurance policy conventionally covers windstorms, fires, explosions, theft, lightning, and vandalism. However, a standard policy does not cover floods, earthquakes, mold, bedbugs, or damage to the exterior of a home or apartment building.
Also, a renter’s policy does not include coverage for a building’s structure. That type of coverage is usually included in the landlord’s insurance policy. However, the landlord’s policy does not cover your personal items if they’re damaged because of a covered peril. Understanding what each policy covers can help ensure you have the correct insurance for your needs.
Talk To Us!
If you have questions about renter’s insurance or need more information on what a policy covers or excludes, we’d love to help! Contact us today at AW Burchell Agency Inc. in New York at (607) 753-0633.
