An insurance policy for renters does not cover every loss. For instance, standard insurance contracts for the most part won’t cover:
Flood damage: Rainwater damage typically necessitates a separate flood insurance policy. If you live in a floodplain, you must do this.
Check with your landlord to see if you are in one. Losses above the policy’s limit:
In most cases, beyond the policy limit, neither covered property losses nor liability claims are covered.
Beyond certain limits, jewelry: Jewelry, whether it’s an engagement ring or a watch, can be expensive, so it often has a lower coverage limit than other types of property losses.
Losses caused by unknown dangers: Most of the time, renter’s insurance only covers covered “perils,” or risks, like fire or theft. For instance, if a family heirloom is damaged due to normal wear and tear, it will typically not be covered.
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