Common Renters Insurance Coverage Exclusions

What your renters insurance will not cover.

While most people know that their renters insurance will offer personal property, personal liability, and loss of use coverage, they may be less familiar with what their policy will not cover.  However, it's important that you know about your policy's limitations.  Here are some of the most common renters insurance coverage exclusions.

• Damage Caused by Certain Natural Disasters

While renters insurance offers protection against most natural disasters, there are certain extreme events that are excluded from coverage.  For instance, standard policies will provide coverage for damages related to hail, lightning, wind, and volcanic eruption.  However, some policies may exclude coverage for damage related to tornadoes and hurricanes.  Almost all renters policies will exclude coverage for earthquake or flood damages.  To ensure that you have the comprehensive coverage that you need, you should carefully review your policy to learn about your exclusions.  If you need to fill gaps in your coverage, then you have the option to secure policy endorsements or separate insurance policies to secure additional protection.

• Terrorism and Nuclear Warfare

Since 9/11, most renters insurance policies specifically exclude coverage related to acts of war.  This type of exclusion is also common on homeowners insurance policies.  If you are concerned about the damage caused by acts of terrorism or war, then you should speak to your insurance provider to learn about your supplemental coverage options.

• Your Security Deposit

Many renters assume that their insurance will reimburse them for any money that their landlords deduct from their security deposit when they leave a rental.  Unfortunately, this isn't the case.  Since your security deposit is actually a form of insurance against any damage you might cause to the rental property, this money cannot be insured. These are some of the things that your renters insurance will not cover.  Do you have additional questions about your renters policy?  If so, then contact the experts at Club Agency Insurance Brokerage in Garden City, New York.  We are ready to assist you with all your coverage needs today.