Most renters’ insurance policies cover common occurrences such as fire, theft, and water damage. Most also provide liability coverage, which means if someone injures himself or herself while in your apartment, your insurance may protect you from his or her damages. Never assume the property owner’s insurance covers the inside of your premises. It doesn’t. You must protect yourself and your belongings. Alongside the three instances above, some policies also cover these seven unique disasters.
1. Aircraft or Other Vehicular Damage
Many never think about an aircraft crashing into their residence until it actually happens. Here’s hoping it never happens to you. You stand a better chance of having a car or truck crash through your apartment walls (provided you’re on the ground floor), and if you watch the news, you’ve seen plenty of stories about drunk drivers plowing into buildings. If either scenario occurs, are you protected?
Explosions can mean any number of things, so in this case, it might behoove you to discuss this coverage with local insurance agents. If you had a gas explosion in your apartment, for example, the question of liability may come up. It would seem as if the property owner’s insurance would cover it; after all, he or she is responsible for maintaining the building. He or she may find a way to skirt responsibility, however.
You know lightning causes fire, but what if it fried all of your electronics. Lightning does not have to make a direct hit to cause the damaging power surges that have the potential to ruin your computer and entertainment equipment. Obviously, these items are expensive to replace, so you will want lightning coverage if you live in an area where electrical storms are common.
4. Human Destruction
This coverage will not cover the damage caused by your TGIF parties, but it will cover civil disturbances. This might be the most unusual entry on this list, but people in the midst of an angry riot have been known to set fire to or otherwise destroy buildings. This is frightening and distressing for you, your family, and your pets, as you may have to flee your residence until the dust settles, so to speak.
5. Smoke Damage
Should you become the unfortunate victim of an apartment fire, there will be smoke damage, too. The smell of smoke from a fire remains in what’s left of carpeting and flooring, drapes and window coverings, furniture, and walls. It takes experts to remove the odor and the smoke stains on everything. Make certain your fire insurance also includes cleanup to mitigate the smoke’s destruction.
Vandalism is not lumped in with Item 4 on this list because although it can be damaging, it doesn’t generally cause total destruction. This, too, requires, some expert insurance knowledge, as the question of responsibility will likely come into play. Graffiti on the exterior of the building should be the property owner’s problem, but what if a vandal broke your window from the inside of your unit.
Scratch human destruction being the most unusual item on the list. There aren’t too many active volcanoes in the United States, except in Hawaii, but as Mount St. Helens showed everyone in 1980, you never know when one will wake up with fury. If you live in an area where there are volcanoes, you may want to consider the earth’s core is explosive and it releases those gasses through volcanic outlets.
Again, never assume that a property manager’s insurance policy covers the interior of your rental unit. It doesn’t. Tenants are responsible for insuring themselves and their belongings and renter’s insurance does that. In fact, most rental properties include renter’s insurance as a condition of the unit’s lease. The right policy will cover all of your needs, including the seven unique instances listed above.