Common Exclusions for Renters Insurance

Your renter’s insurance may offer far more coverage than you realize. For instance, renters insurance in New Rochelle, NY may pay for you to rent another apartment after a disaster renders your current dwelling unlivable and can even help you to recover lost funds following instances of identity theft. But, there are also plenty of cases in which you will not be covered. For example:

  • Flooding. Flooding is typically handled strictly through flood insurance providers, not commercial, home, or renters insurance providers. This means that your landlord’s insurance may help you to recover your damages, but your insurance will not.
  • Late filing. If you file your claim after the deadline, expect it to be denied. You generally have anywhere from a few weeks to a month to file the paperwork, but it’s different from insurer to insurer.
  • You simply don’t have the protection you thought you had. Renters insurance does not, for instance, automatically cover everything you own. If you haven’t bought adequate coverage to protect your belongings, and if you don’t keep a regular, updated inventory, your insurer won’t be able to help you.
  • You’re filing a claim on something that’s the landlord’s responsibility. The building is your landlord’s responsibility. You don’t need to file a claim for broken windows or a fridge that came with the apartment.

You’re going to want to read your policy over and call your insurer with any questions you have to make sure that you know when you’re covered, and what your insurer expects of you.

If you’re still shopping around in New Rochelle, NY, get in touch with us at Marenco Insurance. Call, visit our offices, or stop by the Marenco Insurance website and let’s see what we can do to get you protected.

What does renter’s insurance cover?

Renter’s insurance is an important investment when you move into your own apartment. The value of a renter’s policy goes beyond replacing possessions you could not easily afford to repurchase. It also includes liability and important loss of use coverage should you need to relocate in an emergency. Marenco Insurance serves the New Rochelle, NY area and is ready to answer any questions you may have regarding a new policy.

The most obvious feature of a renter’s insurance policy is its ability to provide funds for replacing items lost in an emergency or disaster. It also typically covers damages from theft or vandalism and building specific failures, such as water damage from plumbing issues or sprinklers.

Your policy will provide money for your personal possessions up to the policy limit after the deductible is met. It does not cover damage to your apartment itself or appliances provided by the landlord. Instead, these items are covered in the building owner’s property insurance policy.

A second primary benefit of renter’s insurance is the loss of use payments. These help you cover the costs of a hotel stay or lease when you must relocate due to damage to your apartment. If you are forced to vacate, the policy kicks in to provide a set amount of money toward your new shelter.

Renter’s insurance policies also provide essential liability protection if someone is injured in your rental. This coverage often extends to medical payments for others. When you rent based on preference versus budget constraints, liability protection is essential to protect your assets.

To discuss all possible coverage options in a renter’s insurance policy in the New Rochelle, NY area, call Marenco Insurance. Agents are prepared to discuss policy particulars and pricing over the phone or to set up an appointment for an in-person consultation.