Photo: Grand Warszawski (Shutterstock)
Just as there are some surprising rental repairs and issues that are not your landlord’s responsibility, there are some damages that renters insurance doesn’t have to cover. That’s annoying news for those of us whose landlords require us to have renters insurance (though, in fairness, every renter should have it), so let’s look at what the insurance doesn’t cover before it ever becomes a problem.
What does renters insurance not cover?
The main value of renters insurance is that it protects your personal property, so if your neighbor has a fire and your couch gets smoke or sprinkler damage, you’re good. If your pipes leak or someone burgles your stuff, you’re also good. But there are times when you’re not good, even if your personal property gets damaged.
Per MoneyGeek, damage from floods, sinkholes, bedbugs (or other pests), and earthquakes isn’t covered by renters insurance. You need specialized, separate insurance for things like floods and earthquakes, which you can get if you live in an area where they’re common. You are covered against vandalism, but according to Value Penguin, damage caused by riots is also not covered.
Finally, anything that is yours but isn’t in the apartment doesn’t count, either. Your car can be parked outside the place you rent, but if it’s damaged or stolen, that’s not a problem for your renters insurance.
Who does renters insurance not cover?
Renters insurance also doesn’t cover anyone but you. If your roommate doesn’t have renters insurance and you do, they’re still not covered if their property gets damaged, even though you live in the same home and might even use their stuff.
You can add your roommate to your policy, but be warned that this makes the insurance worse for both of you. As Value Penguin points out, adding a non-relative to the policy splits the coverage among everyone on it, so if your policy is insured up to a certain amount in damage, you’ll split the coverage for all your possessions. It’s better to have your roommate get their own policy to avoid disputes or low payouts.
