After searching for an apartment or rental home, you’ll find that many landlords not only recommend renters insurance – they require it. On paper it may seem like a dream, after all you want to make sure that you’re covered for the things your landlord’s insurance won’t cover. However is this insurance worth it? What kind of elevated complications will you face now that two different insurance policies are mixed together? We find out.
Your renters insurance is the back-up insurance during your leasing, meaning it will most likely only be used in rare “catastrophic” circumstances. And if you aren’t leasing at a single location for very long, you could be wasting money. Now this isn’t the best argument against renters insurance as any preparation for the worst can be your best bet, however it all depends on the amount of coverage you are receiving.
Claim Payout Restrictions
So you’ve found that your renters insurance isn’t so bad because you’re covered in the event something should happen within your apartment or rental home at a low price.
Everything goes fine until you discover that you aren’t as well covered as you thought you were- the fine print on your policy states there are specific requirements in order for the insurance company to pay out your claim. Some policies even ambiguous requirements for detailed documentation of purchases that could leave renters without coverage.
Dueling Insurance Companies
Multiple insurance companies involved during your rental could mean increase complications when you’re trying to make a claim. Sure your policy clearly states what your renters insurance will cover, but it’s not always so cut and dry when you’re ready to file a claim.
Say for example that due to your negligent landlord, a pipe has burst causing damage to your apartment or rental home. Your renters insurance says it isn’t able to cover these damages because it was caused by the landlord and you landlord’s insurance isn’t taking responsibility. Now you’re claim is caught in the middle.
How can you get help? Call the expert insurance attorneys at The Byrd Law Firm at (713) 864-3000 today.