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Renters Insurance Saved Me: Common Scenarios

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Buying renters insurance is something that can get pushed down the priority list because you’re not legally required to have it. However, even though you don’t have to buy a renters policy, many good reasons exist to carry this surprisingly affordable insurance. Let’s explore some common renters insurance scenarios where this coverage can save the day.

 

Theft

Theft is one of the best reasons to have renters insurance. If your place is burgled, a renters policy can cover the cost of any items damaged or stolen. A “cover my stuff” renters insurance policy is always a good investment — especially considering how affordable the premiums are.

Jenny lived in a good neighborhood and did not think she would ever need theft insurance, but one day she came home from work to find her apartment in shambles. She was devastated. The first thing she noticed was that her electronics, computer, and an antique clock that was an heirloom from her grandmother were gone. She walked into the bedroom to find that her jewelry box, and files containing her passwords and bank account information were missing, too.

While some items can never be replaced, like her grandmother's antique clock, renters insurance helped Jenny replace the missing electronics, computer, and jewelry. Her insurance company representative was also able to give her some good advice to help prevent identity theft that could arise as a result of the stolen files. Jenny’s renters insurance policy alleviated some of the financial stress of having to replace her expensive electronics and other items.

 

Water Damage

Water damage is one of the most common renters insurance scenarios and one that makes tenants glad they had coverage. If you live in an apartment with people living above you, it’s especially important to consider buying a renters policy. No matter how well you get along with your neighbors, they can sometimes make mistakes that affect you, your place, and your belongings.

When Steve left for work that morning, he knew that all was well in his apartment. He had no idea he would come home to disaster in the form of extensive water damage. Steve’s upstairs neighbor has small children, and, unfortunately, one of them turned on the bathtub faucet, which caused the tub to run over.

When Steve got home, he was greeted by a wet mess. Water dripped from the ceiling and ran down the walls. In addition to the sodden ceiling and walls, the water had also ruined Steve’s laptop and expensive sound system. Fortunately, Steve’s rental insurance company quickly processed his claim and reimbursed him, which allowed him to replace his personal belongings immediately after the loss.

 

Fire/Smoke

Fire and smoke damage are some of the other most common claims insurance companies receive. Even if you practice fire safety, you can’t control the actions of your roommates or those who live around you. Moreover, when you’re dealing with electricity, anything can go wrong — from a faulty electrical appliance to rodents chewing the wiring in your home. If a fire does break out, the most important thing is to take care of you and your loved ones, before worrying about your possessions. But it’s reassuring to know that most renters insurance typically covers property loss due to fire.

Becky and her family had gone to bed on Christmas Eve. At 3:00 am, the smoke detector went off and they woke up to a house filled with smoke. Fortunately, everyone got out safely, including the family dog. The only problem was that they no longer had a place to stay.

Becky called her renters insurance company and was happy to find out that they would begin paying for a hotel room immediately. The policy helped replace many of the family’s belongings and paid for temporary housing until they could find another suitable accommodation. It was an unfortunate situation but having a good renters policy helped ease some of the pressure.

 

What Can You Use Renters Insurance For?

The examples above are some of the most common renters insurance scenarios that cause policyholders to file claims. One of the most important things you can do is to familiarize yourself with what your policy covers and what is not covered by renters insurance. A Wawanesa renters policy covers a lot of unfortunate situations, such as, theft of your belongings, water damage, and certain weather events. Check out the full list of what’s covered.

Many people don’t realize the extent of what renters insurance covers. For instance, renters can cover medical expenses if, say, your friend slips and falls in your apartment during a get together. Most policies also cover theft of your belongings outside of your home — say, your gym bag gets stolen from your fitness facility locker or car. Your policy can also cover the cost of staying in a hotel if your place is damaged to the point where you have to move out.

In some cases, renters insurance will help even if the damage was your fault. Say you accidently allowed the tub to overflow or left the stove on when you headed out. Renters won’t always cover these types of circumstances, but in certain cases, it will.

It’s important to understand that your belongings are not covered by your landlord’s policy. And while you may not think you have much stuff, when you take stock, you’ll find that the cost to replace all, or even some, of your personal possessions will add up quickly. Unfortunately, many renters don’t realize the full cost of a disaster until something happens.

The best part about having a renters policy is that it allows you to focus on life and not worry about what you would do if something were to happen. No one wants to dwell on potential mishaps, but they do occur. No matter what kind of rental you call home, a renters insurance gives you the peace of mind that comes with knowing you’re protected should the worst happen.

 

 

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Disclaimer:

The above content is for informational purposes only and is not a direct representation of coverages offered by Wawanesa or its policies. The information does not refer to any specific contract of insurance and does not modify any definitions, provisions, exclusions or limitations expressly stated in any contracts of insurance. All references within the above content are illustrative and may not apply to your situation. The terms and conditions of the actual insurance policy or policies involved in a claim are determinative as to whether an accident or other loss is covered. To understand the coverage under your current policy, please log into the account management platform to review your policy or contact an agent directly.