How Do Renters Insurance Claims Work?
Renters insurance is coverage designed to protect individuals renting a home, condo, apartment or other type of property. While landlords typically have insurance to cover the physical structure of the building, their insurance usually does not cover the tenant’s personal belongings. That’s where renters insurance comes in. According to the policy, it may provide coverage for a tenant’s personal possessions in the event of theft, fire, vandalism or other covered perils. Additionally, renters insurance may offer liability protection, covering the tenant’s legal responsibility if someone is injured in their rented space. Without renters insurance, you would have to pay for costly incidents out of pocket.
How to File a Renters Insurance Claim
The process of filing a claim varies based on the insurer; however, the following are the basic steps:
- When something happens that you believe your policy should cover, you file a claim with your insurance company.
- When you assemble a claim, you need to gather as much evidence about the incident as possible using photos and videos.
- If your insurance provider approves your claim, you will be reimbursed for the damage minus your policy’s deductible.
If a third party files a liability claim, the process can typically be initiated through your insurer. Discuss the claims process with your insurance provider to ensure you know what to do if an incident occurs.
Reasons a Renters Insurance Claim May Be Denied
There is no guarantee that a renters insurance claim will be approved. The following are some of the most common reasons an insurer may deny a claim:
- Your insurer suspects the claim is fraudulent.
- You’ve waited too long to file.
- You failed to provide adequate evidence.
- The damage was not a result of a covered incident.
Examples of Renters Insurance Claims
There are many reasons why you may file a renters insurance claim. The following are some hypothetical situations that may warrant a claim:
- Your neighbor leaves a faucet on, which floods your apartment.
- Your apartment catches fire.
- A guest slips and falls, injuring themselves.
- Severe weather damages your home and you must live elsewhere while repairs are made.
- Your apartment is broken into, and valuables are stolen.
Renters insurance policies may vary, so it’s essential to understand your specific coverage, exclusions and limitations. Contact McDonald Insurance Group today to discuss renters insurance. We can help you get the coverage you need to protect yourself and your belongings.
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.