While homeowners’ insurance policies are not a requirement for many renters, the lack of insurance often leaves them vulnerable. This is where renters’ insurance comes into play.
Understanding Renters’ Insurance
Renters’ insurance covers a renter’s personal belongings as long as the damage is from a covered event. Policies in Willoughby, OH, typically cover wind damage, fires, theft, and other common incidents.
Policy Exclusions
Every insurance policy has specific exclusions or perils that are not covered. Many renters’ insurance policies do not cover natural disasters, including floods and hurricanes. This means your renters’ insurance will not cover damages if the flooding is due to a natural disaster.
It’s also common for renters’ insurance policies from companies like The Merhar Agency LLC to exclude damage due to negligence. For instance, a leaking basement due to a sewage pump overflow won’t be covered. Many policies specifically exclude damage due to a structural problem, like a leaking foundation.
Some policies specifically exclude water damage in basements because basements are more prone to leaking than anywhere else. It’s always important to read the fine print on your policy to understand whether items stored in a basement will be covered.
Flood Insurance
Renters concerned about water damage from a flooded basement should consider getting flood insurance. Many renters qualify for a separate flood insurance policy that will provide coverage for damaged belongings.
Whether damage due to a flooded basement is covered often depends on the company you work with. The agents at The Merhar Agency LLC can help you review your policy to ensure you understand what’s covered. Contact us today to learn more. We’re currently serving the Willoughby, OH area.
