The Most Common Insurance Claims from Renters

The Most Common Insurance Claims from RentersMany renters mistakenly believe that their liability and property damage risks are covered under the insurance policy that their landlord or management company already holds. However, as most insurance agents already know, that’s simply not the case. The property owner’s insurance policy covers losses to the building itself and excludes coverage for personal property belonging to the occupants.

Most common insurance claims filed by renters are below. Many renters don’t realize the importance of this type of coverage until they’re already facing a hefty financial setback that they have to pay out of pocket for, but renters insurance helps cover a variety of losses. Renters insurance provides protection that renters need in case anything happens, so they aren’t liable as inhabitants of the property they live in, whether they own it or rent it.

It is not uncommon for both renters and homeowners to frequently experience theft, where their possessions can be easily and quickly replaced after a theft occurs. Renters often have insurance policies that cover the cost to replace stolen items, based on the estimated value of their possessions, regardless of the current retail price. However, personal property loss is not typically included in the landlord’s insurance policy. Homeowners, on the other hand, have personal property loss included in their homeowners’ insurance policy. If a homeowner comes home to find their house broken into, they would want to ensure that the cost to replace their stolen items is covered by their insurance policy.

2. Vandalism Claims

Sometimes, vandalism occurs alongside theft, and depending on the situation, the renter may be responsible for some of the damage. The renter may have to cover the costs to restore and replace the property that has been vandalized, but luckily, renters insurance can help to cover these expenses.

3. Fire Claims

When a fire occurs in a rental home, the resident is not responsible for damage to the cabinets, floors, and walls structure. However, the renter is usually responsible for making temporary living arrangements while their home is being restored and repaired, as well as replacing any damaged items that were not lost in the fire but were affected by smoke. Renters insurance can help cover the cost of lost or damaged items, as well as the cost of temporary home rental or hotel arrangements. However, even specialized cleaning for these items is not covered under the landlord’s insurance policy.

4. Bodily Injury Claims

Accidents can sometimes happen to visitors and can result in injuries when they get injured in a rented home. The most common bodily injuries in rental homes are falls and dog bites. Renters may be able to recover some of these expenses and medical costs to help cover the expenses of the injured guests.

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