What Can I Claim On Renters Insurance?

  1. 37376 POINTS
    David G. Pipes, CLU®, RICP®
    Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
    You can claim damage to your personal property that comes from a “covered peril.”  The list of perils is exhaustive.  You can also claim increased living expenses if, because of a covered peril, you cannot live in the rented unit.  You can also claim the costs of a lawsuit involving personal injury or property damage.  This is really a huge exposure as a lawsuit can bankrupt you.
    Answered on May 1, 2014
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  2. 37376 POINTS
    David G. Pipes, CLU®, RICP®
    Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
    There are two key words, “damage” and “lawsuit.” If you suffer damage and it is the result of a specified peril you can claim the loss of personal property up to the limits of the policy. The adjustment will be the cash value of the property lost minus the deductible. When you actually replace the property, there can be a further adjustment if you have “replacement coverage” If you are sued for property damage or bodily injury the renter’s policy will defend and pay judgment up to the limit of the policy (that is why it is so important to take the highest limit offered!)
    Answered on September 26, 2014
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