What is not covered under renters insurance ?

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What does renters insurance not cover?** Understanding the exclusions in your renters insurance policy can help you avoid unexpected expenses when something goes wrong. While renters insurance can protect your personal belongings and provide liability coverage, it does not cover every type of damage or loss.  In this video, we explain the most common renters insurance exclusions in clear and simple terms, including situations where you may need additional coverage or a different type of insurance.  You’ll learn:  * Why your landlord’s insurance usually covers the building, not your belongings * Why floods and earthquakes may require separate coverage * Why normal wear and tear, aging, and poor maintenance are generally excluded * How coverage limits can apply to jewelry, cash, collectibles, and other valuables * Why intentional damage and certain illegal activities may not be covered * What renters insurance may cover when it comes to business property * Why your car is generally covered by auto insurance instead * How deductibles and policy limits affect your claim  Knowing what renters insurance does not cover is just as important as understanding what it does cover. Your coverage can vary depending on your insurer, state, policy limits, deductible, and the cause of the loss.  Before purchasing or renewing a policy, review its exclusions and special limits carefully. Watch the full video to understand the details, and let us know in the comments if you have questions about renters insurance.  #RentersInsurance #Insurance #HomeInsurance #PersonalProperty #LiabilityInsurance #InsuranceTips #Renting #TenantInsurance

Transcript

00:00Renter's insurance generally does not cover the building itself, damage caused by certain excluded events, or losses that exceed your

00:08policy limits.

00:09Coverage varies by insurer, policy, state, and the cause of loss, so the exact exclusions must be checked in your

00:16policy.

00:171. The building and permanent fixtures asterisk your landlord's insurance normally covers the structure, including walls, roof, and major building

00:26systems.

00:26Your renter's policy primarily covers your personal belongings and liability.

00:312. Flood and earthquake damage asterisk standard renter's policies commonly exclude flooding and earthquakes.

00:38Separate coverage may be required, depending on where you live and the insurer.

00:433. Normal wear and tear asterisk insurance is designed for sudden or accidental covered losses, not gradual deterioration, aging, rust,

00:53mold caused by long-term moisture, or poor maintenance.

00:564. Certain high-value property asterisk jewelry, collectibles, cash, firearms, and other valuables may have special sublimits.

01:04For example, a policy might cover jewelry only up to a few thousand dollars unless additional coverage is purchased.

01:125. Intentional damage and illegal activity asterisk damage deliberately caused by the insured generally is not covered.

01:20Losses connected to certain illegal activities can also be excluded.

01:246. Business property asterisk items used primarily for a business may have limited coverage or require a separate business policy

01:32or endorsement.

01:337. Vehicles asterisk your renter's policy generally does not cover your car itself.

01:39Auto insurance is normally required for vehicle damage and liability.

01:438. Losses above policy limits or deductibles asterisk even when an event is covered.

01:49The insurer pays only according to the policy limits and after applying the deductible.

01:54The answer can change significantly by state, insurer, policy type, deductible, coverage limits, and the specific cause of damage.

02:03Before buying or renewing renter's insurance, read the exclusions and special limits.

02:09Then consider additional endorsements for valuables, floods, earthquakes, or business property when relevant.

02:16Finally, remember that everything we discussed today is for educational purposes only and does not constitute financial advice.

02:23Good luck to everyone and see you in the next video.

02:26Good luck to everyone and see you in the next video.

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