Although it’s becoming increasingly popular, many don’t understand the nitty gritty details of renter’s insurance. Here are some things to keep in mind with renter’s insurance policies to know that you won’t be insured for.
- Floods, earthquakes, and natural disasters are not covered in renter’s insurance policies. Many make the mistake of thinking that their policy will help them recover any lost or damaged property after a natural occurrence or that their landlords will help them out, however, that is not the case.
- Your roommate won’t be covered unless you specify them on your policy. Many falsely assume that because one tenant has renter’s insurance, that every party is covered, however it only applies to whoever has the insurance and if they listed anyone else on their account.
- Home-sharing tenants (Airbnb, Couchsurfing, subletting, etc.) are not covered under renter’s insurance if their stay exceeds 90 days, depending on the policy. Most times, these temporary tenants will be covered under renter’s insurance, however, a lot of policies specify a time limit for these stays.
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