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If you rent your home or apartment, a renters insurance plan can help protect you financially in the event of theft. Even if the robbery happens outside your home, renters insurance could reimburse you for your stolen items, whether that’s computer gear, jewelry, or other costly possessions. Understanding renters insurance coverage, limits, and deductibles can help you choose a policy that fits your budget and guards against your possible losses.

How Renters’ Insurance Covers Stolen Items and Theft

Renters insurance plans cover stolen items as part of their personal property coverage. Your insurance will reimburse you for losses if your electronics, furniture, clothes, or other valuables are stolen or vandalized.

Your policy will have coverage limits for certain items and for the plan overall. It will also have a deductible, which you’ll need to pay out of pocket before you qualify for reimbursement. If you’re submitting a claim for stolen items, most renters insurance policies will require you to file a police report.

Typically, renters insurance covers your personal property if it is stolen from you either inside or outside your home.

For instance, usually renters insurance covers theft of items from your car. So even while you’re on vacation, your policy probably covers you if someone burglarizes your hatchback or hotel room. However, if your car is damaged or stolen in the process, renters insurance won’t cover that — only the belongings inside the car. Car theft is handled through your auto insurance coverage.

Understanding Replacement Cost vs. Actual Cash Value

When comparing your renters insurance options, you’ll see that some plans cover actual cost value (ACV) and others cover replacement cost value (RCV). Here’s the difference:

•   Actual cost value: These plans will cover the current value of your items, taking depreciation into account. A computer that you bought for $1,000 five years ago, for example, may have an actual cost value of only $400 today. On an ACV plan, your insurance plan will reimburse the current value of $400, not the original value of $1,000.

•   Replacement cost value: These plans will cover the full cost to replace your item without reducing the price to account for depreciation. For that $1,000 computer, the plan would reimburse you $1,000 (minus any deductible).

RCV plans offer better coverage, but they cost more. If your priority is keeping your monthly premiums to a minimum, an ACV plan may be the better fit.

Understanding Deductibles and Policy Limits

Renters insurance plans don’t always cover the full value of stolen items. That’s because policies come with both deductibles and coverage limits.

Renters insurance deductibles are the amount you have to pay out of pocket before the plan starts paying out. If someone steals your $700 television and your deductible is $200, for example, the insurance company will pay you $500. Deductibles on renters insurance typically range from $250 to $2,500.

Renters insurance plans also come with coverage limits. Total limits may range from $10,000 all the way to $100,000 or more. You can choose your limit when purchasing a plan, so take an inventory of your belongings ahead of time to help you calculate what it would cost to replace them.

Along with this total limit, your plan may have sub-limits for specific items. Renters insurance covers stolen cash, for instance, but only up to a few hundred dollars. Jewelry coverage may be limited to $1,500 or so.

If you have fine art, expensive collectibles, or other high-value items, you may want to add on supplemental coverage to increase your limits. Another option is to schedule personal property into your plan, which means insuring specific items, such as a $3,000 engagement ring.

Recommended: Does Renters Insurance Cover Roommates?

Preventing Theft at Your Rental Home or Apartment

If you’re concerned about theft, there are some steps you can take toward prevention:

•   Install a security system with a burglar alarm, doorbell camera, or smart technology that will send you alerts in the event of a break-in.

•   Put deadbolts on exterior doors, as well as locks on any windows and pet doors leading into your home.

•   Avoid leaving spare keys outside your home; change the access codes on any home entry systems on a regular basis.

Not only will installing anti-theft devices help protect your home, but it may also score you a discount on your renters insurance policy. Read up on cyber security tips for other ways to increase your safety.

What To Do if Your Belongings Are Stolen

If your belongings are stolen, you’ll want to contact your insurer promptly. Some insurance companies require you to file a claim within 48 to 72 hours. Here are the steps you’ll need to take.

•   File a police report: Report the crime to the police. Your insurance company likely requires a police report to process your claim.

•   Make a list of your stolen items: Document everything that you can by writing down details of the items, taking photographs and, if possible, providing receipts.

•   Submit your insurance claim: You may be able to file a claim online, over the phone, or via a mobile app. You’ll need to provide details about what happened and what was stolen from you.

•   Receive reimbursement, minus your deductible: If your provider approves your claim, you’ll be reimbursed for your loss (after subtracting the amount of your deductible), up to your policy’s limits.

Throughout this process, stay in touch with your insurance provider about any questions you have or specific steps you need to take.

The Takeaway

After a burglary, fully replacing your stolen items may be impossible, but renters’ insurance can provide a measure of financial protection. Not only will renters insurance reimburse you for possessions taken from your home, but it can also cover the cost if your belongings are taken from your car or storage unit. Extra protection is available with supplemental or scheduled personal property coverage.

When the unexpected happens, it’s good to know you have a plan to protect your loved ones and your finances. SoFi has teamed up with some of the best insurance companies in the industry to provide members with fast, easy, and reliable insurance.

FAQ

Are my belongings covered if stolen while I’m traveling?

If you have renters insurance, your belongings will likely be covered if they’re stolen while you’re traveling. Renters insurance typically offers personal property coverage for items you own that are stolen from your home, car, or another location.

How much will insurance pay for my stolen items?

The amount that insurance will compensate you for your stolen items depends on the details of your plan. Total coverage limits typically range anywhere from $10,000 to $100,000, but double-check the details. Within your plan, certain item categories may have lower limits.

Is stolen cash or jewelry fully covered?

Most standard plans don’t fully cover stolen cash or jewelry. The coverage limit for stolen cash can be around $200 to $300, while the limit for jewelry may be about $1,500. However, you can buy supplemental coverage for valuables or schedule specific items, like fine jewelry, into your plan.

Does renters insurance cover theft of items from my car?

Renters insurance will cover items stolen from your car. However, it won’t cover the cost of repairing robbery-related damage to your car.

Is my roommate’s stolen property covered by my policy?

Your roommate’s stolen property is not covered by your policy unless their name is also on the policy. (Some experts recommend separate policies for each roommate to avoid complications.) However, your policy is likely to cover the possessions of family members you live with, such as your spouse, domestic partner, or minor children.

photo credit: iStock/bymuratdeniz
Auto Insurance: Must have a valid driver’s license. Not available in all states.
Home and Renters Insurance: Insurance not available in all states.
Experian is a registered trademark of Experian.
SoFi Insurance Agency, LLC. (“”SoFi””) is compensated by Experian for each customer who purchases a policy through the SoFi-Experian partnership.

This content is provided for informational and educational purposes only and should not be construed as financial advice.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.


Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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SOPRO-Q225-046

If water suddenly damages your stuff — like from a frozen pipe or an accidental washing machine overflow — your renters insurance might help pay to repair or replace everything, depending on your policy limits.

But not all water damage is treated the same by insurers. Whether your policy kicks in typically depends on whether the water damage was sudden and accidental or the result of long-term neglect.

Here, we’ll break down what renters insurance usually covers when it comes to water damage, what’s often excluded, and how to protect your belongings when leaks strike.

Understanding Water Damage and Renters Insurance

Renters insurance is designed to protect you and your belongings from the unexpected and help you recover financially from covered events. If water damages your personal property, your policy may help pay you repair or replace it, depending on how the damage happened.

Let’s say a sprinkler malfunctions and ruins your TV or frozen pipes damage your clothes. In both cases, your insurer may cover the loss, up to your policy limits, after the renters insurance deductible is paid.

Renters insurance can also help if water damage makes your place temporarily unlivable. Most policies include loss of use coverage, which can help pay for extra living expenses, like hotel stays or meals, while your home is being repaired. So if a covered water incident forces you to live somewhere else during the repairs, your insurance may help cover the costs.

Recommended: Does Renters Insurance Cover Displacement?

Coverage for Common Water Damage Scenarios

As we mentioned, renters insurance typically covers water damage, though it depends on how the damage happened. In general, your policy might help pay for damage in situations like:

•   Burst or frozen pipes: If a pipe suddenly cracks or bursts (especially in winter), your belongings might be covered — as long as you made a reasonable effort to keep your home heated.

•   Water damage from putting out a fire: Whether from the building’s sprinkler system or a fire hose, your policy may help cover items that got damaged by the water.

•   Storm-related water damage: Heavy rain or hail that causes leaks or water to seep in may be covered. The same may be true if a tree falls on your roof or high winds cause damage.

•   Overflow or accidental leak of steam or water: If your washing machine breaks, an air conditioner leaks, or the sprinkler system goes off and soaks your furniture or electronics, your policy might help pay to replace those items.

Just remember, renters insurance usually doesn’t cover the systems or appliances that caused the damage. It only covers the damage they caused to your belongings.

Exclusions and Limitations in Water Damage Coverage

Even though your renters insurance may cover certain types of water damage, there are limits and exclusions to keep in mind.

•   Personal property coverage limits: Your policy will only pay up to your insurance cap (usually between $10,000 and $100,000) for damaged items like clothes, furniture, and electronics. If, for example, a sprinkler malfunctions and ruins your wardrobe, and you only have $10,000 in coverage, that’s the maximum amount you’d get reimbursed after your deductible.

•   Sub-limits for certain valuables: Insurance companies typically apply sub-limits to specific items, such as furs, jewelry, and money. For example, even with $10,000 in coverage, your insurer might only pay up to $1,000 for jewelry or watches. That means if your $2,000 watch is damaged, you’d only get half of that back.

•   Additional living expenses cap: Loss of use coverage, which pays for expenses like hotel stays or meals if your rental becomes unlivable, is also capped. It’s typically either a flat amount, between $3,000 to $5,000, or a percentage of your total personal property limit.

Here are some other common policy exclusions you should know about:

•   Gradual damage: If water damage occurs slowly over time, such as a leak under the sink that goes unnoticed or mold caused by poor ventilation, your policy typically won’t cover it. Remember that renters insurance doesn’t cover normal wear and tear.

•   Negligence: If the damage occurs because you didn’t take reasonable steps to prevent it — such as leaving a faucet running or failing to report a leak — your insurer may deny the claim.

•   Broken systems: While your policy may cover the damage caused by a broken appliance, like a leaking fridge, it typically won’t cover the cost to repair or replace the appliance itself.

•   Flooding and mudslides: Standard renters insurance doesn’t cover flood or earth movement damage from things like heavy rain, rising rivers, mudslides, or storm surges. For that, you’d need a separate flood and earthquake insurance policy.

•   Sewer or drain backups: Water damage from a backed-up drain or toilet usually isn’t covered unless you’ve added optional water backup coverage to your policy.

Preventing Water Leaks in Your Rental Home or Apartment

There are times when water can wreak havoc on your home. Fortunately, there are also plenty of simple ways you can help prevent water damage in your home:

•   Look for leaks: Watch for dripping faucets or pipes.

•   Check appliances: Make sure your washing machine and dishwasher aren’t leaking and that the hoses are in good condition.

•   Prevent overflows: Don’t leave running water or appliances unattended. Also, try not to overfill tubs or sinks.

•   Be smart about storage: Keep valuables off the floor and store important items in waterproof containers, especially in areas of your rental that could flood.

•   Read your lease: Check your lease for any rules about water damage so you know what you’re responsible for.

Recommended: Landlord vs. Tenant Insurance Responsibility

What to Do If You Discover Water Leak Damage

If you notice signs of water damage in your rental, like puddles, water stains, or a sudden drop in water pressure, it’s important to act quickly to help prevent even more damage and protect your belongings. Here are some steps you can follow:

1.    Stop the water flow (if safe to do so): If you can safely access the water source, shut off the main valve or the valve near the leaking appliance to stop more water from coming in. If you’re unsure how to do this or it seems risky, contact your landlord for assistance.

2.    Contact your landlord: Let your landlord or property manager know about the water leak as soon as possible, since many leases require you to report maintenance issues promptly. The sooner they know, the faster they can send someone to inspect and fix the problem. Also, it helps protect you from being held responsible for additional damage.

3.    Take clear photos and videos of the water damage: This can include snapping pictures and videos of your belongings and any areas of the home that were damaged. This can help streamline your renters’ insurance claim.

4.    Contact your renters insurance company: Reach out to your insurance company to start the claims process. If your agent isn’t available right away, follow up during business hours to make sure someone is actively helping you manage the claim.

5.    Protect your belongings: Relocate any undamaged valuables or furniture away from the impacted area so more of your things don’t get destroyed.

The Takeaway

Does renters insurance cover water leak damage? Maybe, but only if it results from a covered event, like a broken pipe or an unexpected appliance leak. Since coverage often comes with limits and exclusions, it’s a good idea to review your policy and ask your insurer what’s actually covered.

Keep in mind that renters insurance generally protects your belongings and may help with temporary living expenses if your place becomes unlivable. But it doesn’t cover damage to the rental unit itself. That’s typically your landlord’s responsibility. So alert them right away if you notice any issues and follow up to ensure repairs are being handled.

Looking to protect your belongings? SoFi has partnered with Lemonade to offer renters insurance. Policies are easy to understand and apply for, with instant quotes available. Prices start at just $5 per month.

FAQ

If a pipe bursts, is my damaged furniture covered?

If a pipe breaks and your furniture gets damaged, your renters insurance may cover it — as long as the broken pipe is considered a covered event under your policy. Keep in mind that the payout will depend on your coverage limits and deductible.

Does renters insurance cover damage to the apartment walls or floors?

No, renters insurance doesn’t cover the structure of the apartment, including things like walls, floors, and ceilings. Generally speaking, renters insurance only covers your personal belongings, so if a leak damages your furniture or electronics, your policy may help pay to repair or replace those items, up to your coverage limits. Your landlord is usually responsible for insurance for the structure of your apartment or unit.

Is damage from a slow, gradual leak covered?

Typically, renters insurance is meant to cover sudden, unexpected events — not damage that happens over time due to lack of maintenance. For example, if a leak slowly develops under your sink and causes damage, it’s typically not covered. On the other hand, if a storm cracks a window and water gets in, damages might be covered.

What about water damage from an overflowing toilet or washing machine?

The answer ultimately depends on the details of your policy. Damage from an overflowing washing machine is often covered, since it’s usually considered a sudden accident. But if the overflow is due to a sewer or drain backup, your policy may only help if you’ve added extra water backup coverage.

Does renters insurance pay for hotels if a leak makes my apartment unlivable?

Yes, renters insurance may help cover hotel costs if a covered water incident makes your apartment temporarily unlivable (think roof damage from a storm). This is known as loss of use coverage, and it can help pay for things like hotel stays, meals, and other extra living expenses while repairs are being made. But keep in mind, this coverage usually has a limit.

photo credit: iStock/BrilliantEye

Auto Insurance: Must have a valid driver’s license. Not available in all states.
Home and Renters Insurance: Insurance not available in all states.
Experian is a registered trademark of Experian.
SoFi Insurance Agency, LLC. (“”SoFi””) is compensated by Experian for each customer who purchases a policy through the SoFi-Experian partnership.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

SOPRO-Q225-047

Though unpleasant and inconvenient, bike thefts do happen. If your set of wheels goes missing — and you have renters insurance — you may be in luck. In general, renters insurance offers coverage for an array of damaged or stolen personal items, including bikes.

However, you may want to weigh your options before filing a claim. There are often limits on the amount your insurance company will cover, and you most likely will have to pay a deductible first. Depending on the value of your bicycle, this may not make financial sense.

Renters Insurance Typically Covers Bike Theft

As we mentioned, most standard renters insurance policies include personal property coverage, which protects your personal property — including bikes — in the event those items are stolen or damaged. Some commonly covered perils include damage or loss from a collision with a car, theft, fire, vandalism, windstorm, and hail.

Renters insurance often includes personal liability coverage, which could protect you if you are involved in a bike accident that causes injury to someone else or their property. It’s a good idea to check with your insurance company regarding your policy’s coverage amount and terms.

Generally speaking, a renters insurance policy covers riders other than yourself at the time of the theft or damage. This means if your friend or partner borrowed your bike, locked it up at a bike rack, and then it was stolen, your policy will still cover the theft.

Common Limits and Exclusions for Bike Theft Coverage

Though renters insurance covers bike theft or damage caused by certain perils, coverage doesn’t extend to all circumstances. For instance, most renters insurance policies will not cover bike damage caused by normal wear and tear, routine maintenance, flood, or earthquake.

Many insurance companies have sub-limits on how much they will reimburse for bicycles, say $1,500. If your bike is worth more than that, you may need to add an insurance rider to your policy to ensure you have enough coverage.

Preventing Bike Theft

It’s nearly impossible to prevent bike theft, but there are some things that you can do to try to help avoid it.

One effective strategy is to store your bike indoors or, if that’s not possible, out of plain view outdoors. Always secure it with a strong lock made from a hard-to-pick material, like steel. It’s also helpful to register your bicycle with an online registry that partners with law enforcement, such as Bike Index.

You might also want to take some general steps to secure your home. Close and lock windows when you’re not home. Put locks on pet doors, if you have them. Add outdoor lighting, and consider leaving lights on inside even when you’re not home to deter potential thieves. And, if your budget allows, look into installing a home security system for extra peace of mind.

What to Do If Your Bike Is Stolen

If your bike is stolen, you should call the police to file a report right away. Having a record of a police report can make the insurance claims process quicker and easier.

Then, you’ll want to determine if you should file a claim with your renters insurance. You should consider your renters insurance deductible and the value of the bike. Most renters insurance policies will cover a stolen bike for its actual cash value minus your deductible, though as we discussed, some insurance policies have a sub-limit for bicycles.

If your deductible is higher than what the bike is worth, your insurance won’t cover the cost to replace it. If your bike is worth more than your deductible, or if you have a specific insurance add-on for your bicycle, you may choose to file a claim.

The Takeaway

Does renters insurance cover the theft of a bike? Most likely, yes. However, the actual cost may or may not be covered depending on a few different factors, including the amount of your deductible and the cost of the bike.

Looking to protect your belongings? SoFi has partnered with Lemonade to offer renters insurance. Policies are easy to understand and apply for, with instant quotes available. Prices start at just $5 per month.

FAQ

Is my bike covered if stolen from my apartment?

Yes, your bike is generally covered if it is stolen from your apartment or any other location. But check your policy for specific details.

How much will renters insurance actually pay for my stolen bike?

It depends. Most renters insurance policies will cover a stolen bike for its actual cash value minus your deductible. However, some insurance policies have a sub-limit, which is a set amount they’ll pay, for bicycles. If your deductible is higher than the bike’s value, then your insurance likely won’t cover the cost to replace it.

Do I need extra coverage for an expensive bike?

Yes, you will probably want to look into extra coverage for an expensive bike. You can purchase separate bike insurance policies if you own a pricey model, such as a custom bike, e-bike, racing bike, or road bike.

Are electric bikes (e-bikes) covered the same as regular bikes?

E-bikes might be covered, but it depends on your renters insurance policy and the bike’s classification. Most policies have limits on how much money they will reimburse for bikes.

Does renters insurance cover bike damage too, not just theft?

Yes, renters’ insurance covers bike damage, as long as it’s from a covered peril, such as fire or vandalism. Renters insurance will not cover bike damage from things like normal wear and tear, routine maintenance, or damage caused by a flood or earthquake.

Photo credit: iStock/dusanpetkovic

Auto Insurance: Must have a valid driver’s license. Not available in all states.
Home and Renters Insurance: Insurance not available in all states.
Experian is a registered trademark of Experian.
SoFi Insurance Agency, LLC. (“”SoFi””) is compensated by Experian for each customer who purchases a policy through the SoFi-Experian partnership.


Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

SOPRO-Q225-048

Renters insurance can help cover you if your pet injures someone or damages their property. This type of protection could provide pet owners with peace of mind when they need it most. Take, for example, a dog bite, which is a common incident and which can get expensive quickly, especially if the person who is bitten ends up needing medical care or decides to sue you. In this type of situation, renters insurance could help cover medical bills, repair costs, and even legal fees, up to your policy’s limits.

Pet Liability and Renters Insurance

Before we take a closer look at how renters insurance covers damage from pets, let’s examine the different types of coverage renters insurance typically includes:

•   Personal property coverage. This helps pay to repair or replace belongings — think furniture, electronics, or clothes — that are damaged or destroyed by covered events like fire or theft.

•   Loss of use coverage. This helps with extra living expenses, such as hotel stays or meals, if your rental becomes unlivable due to a covered event.

•   Liability coverage. This helps cover costs if you’re legally responsible for someone getting hurt or if you accidentally damage someone else’s property. It can also help pay legal fees or settlement costs if you’re sued after an accident.

As we mentioned, renters insurance can also help if your pet causes harm to someone else. This coverage usually falls under liability coverage and is split into two main categories:

•   Bodily injury liability: If your pet hurts someone and it’s your fault, your insurance may help cover medical bills, up to your policy limit. For example, if your dog knocks someone down and they hurt their back, your policy may help cover related costs, up to a certain amount.

•   Property damage liability: If your pet breaks someone else’s belongings, your insurance may help cover the cost to fix or replace them. For example, if your new puppy chews up a friend’s expensive shoes or breaks their phone, renters insurance could help cover the cost, depending on your policy limits.

Specific Coverage Limits for Pets

While renters insurance can help cover incidents involving your pet, it’s important to know that there are usually limits or exclusions detailed in your policy.

•   Coverage limits: Even if your pet is covered, there’s often a cap on how much your insurance will pay. Most policies have liability limits ranging from $100,000 to $500,000 or higher. For example, if your policy has a $100,000 limit, that’s the most your insurer would pay for any covered accidents, including those caused by your pet.

•   Breed, species, and weight restrictions: Some insurance companies won’t cover certain dog breeds, such as pit bulls, Rottweilers, or Dobermans, because they’re usually considered higher risk. They might also have rules against covering pets that are over a certain weight or animals like pigs or goats.

•   Exclusions for past behavior: If your pet has a history of aggressive behavior or has injured someone before, your insurer may choose to not cover them or they might charge you more for coverage.

•   Injuries or damage involving you or your household: Renters insurance usually won’t cover damage your pet inflicts on you, your family, roommates, or belongings. Generally, it only kicks in when a pet harms other people and/or their property.

If you’re not sure what your renters insurance policy covers, it’s a good idea to call your insurance company and ask.

Can I Add My Pet to My Renters Insurance?

When you apply for renters insurance, you’ll usually be asked if you have any pets. This helps the insurance company create a policy that fits your needs and risk level. If you get a new pet after your policy starts, be sure to call your insurance company or agent to update your coverage.

Most renters insurance policies cover common household pets like cats and dogs. But keep in mind that there may be exclusions. Some insurers won’t cover certain breeds or may not extend liability coverage to your new pet.

If your insurance doesn’t include pet liability, you might be able to buy a separate animal liability policy from another company. Keep in mind, the cost will depend on things like your pet’s breed and size, where you live, and how much coverage you choose.

Even if your policy does include pet liability, it’s also smart to check the coverage limits you have. Most renters insurance policies offer coverage amounts like $100,000, $300,000, or $500,000. That very well may be enough to cover any pet-related claim, as the average claim is around $60,000, according to the Insurance Information Institute.

Still, you should also consider your overall net worth to make sure you have adequate coverage in case the worst-case scenario happens. If it doesn’t seem like enough, you may be able to increase your limits or add an umbrella policy for extra protection.

Recommended: Cheapest Renters Insurance

When Are You Legally Responsible for Your Pet’s Actions?

Even the friendliest, most well-trained pets can have accidents. And as a pet owner, you’re usually responsible for your pet’s actions.

In many states, dog owners can be held legally responsible if their pet hurts someone, especially if the dog has shown aggressive behavior before, if the owner was careless, or if state laws automatically assign liability.

Cats, on the other hand, are usually treated a bit differently. Since they’re seen as more independent animals, their owners are less likely to be held responsible for natural behaviors like scratching or digging, unless the cat has a history of aggression.

If you have a pet, it’s a good idea to familiarize yourself with your state and local pet laws. That way, you’ll know what you’re responsible for as a pet parent.

Preventing Pet-Related Incidents and Liability Claims

Having the right insurance in place can help if your pet injures someone or damages someone’s property. But preventing an incident from happening in the first place is the best protection. Here are some strategies you can try to help reduce your risk of pet-related liability claims:

•   Spay or neuter your pet to help reduce unpredictable or aggressive tendencies.

•   Follow local leash laws and make sure your yard is secure if your pet plays outside.

•   Take your dog to training classes and reinforce what you learn at home.

•   Avoid risky situations where you’re not sure how your pet will react.

•   Exercise extra caution and be extra vigilant when kids are around your pet.

•   Watch your pet’s body language. If they seem stressed or agitated, step in before things escalate.

•   Stay up to date on vet visits and keep your pet healthy, as pain or illness can cause them to act out.

Recommended: Factors to Consider When Choosing Pet Insurance

What to Do If Your Pet Causes Injury or Damage

If your pet injures someone or damages their personal property, don’t panic. There are steps you can take to remedy the situation:

•   Safely separate your pet from the situation. Remain calm and check to see if anyone needs immediate care. If someone is injured, make sure they get the medical attention they need.

•   Exchange contact information. Get the name and number of the person involved in the accident in case you need to submit an insurance claim.

•   Take notes and photos. Write down what happened and take pictures of any injuries or damage. You may need this additional documentation for your insurance claim.

•   Report the incident to your insurance company. Let them know what happened as soon as possible. They’ll explain what’s covered and guide you through your next steps.

•   Follow up on your pet’s behavior. If this was unusual for your pet, consider speaking with a vet or trainer to help prevent future issues.

•   Check in with your insurance agent. Follow up with your insurance provider to see how your claim is moving along and ask any questions you have.

The Takeaway

Does renters insurance cover pets? Renters insurance can cover you if your pet injures someone or damages their property. However, it’s important to know that most policies have limits, exclusions, and sometimes, even breed restrictions. That’s why it’s a good idea to review your coverage and talk to your insurer about any pet-related details. If your current policy doesn’t offer enough coverage, you may want to add extra insurance or consider an umbrella policy to boost your liability limits.

Looking to protect your belongings? SoFi has partnered with Lemonade to offer renters insurance. Policies are easy to understand and apply for, with instant quotes available. Prices start at just $5 per month.

FAQ

If my dog bites someone, does my renters insurance provide coverage?

Most likely, yes, it will, but with some caveats. Renters insurance typically covers dog bites under liability protection, but the details and exclusions can vary. For example, some policies won’t cover certain dog breeds. That’s why it’s important to review your policy to see what it will and will not cover.

How much liability coverage should I have if I own a pet?

Renters insurance liability coverage usually starts at $100,000, and that may be enough, as dog bite claims alone average nearly $60,000. However, some claims can cost much more, depending on the severity of the situation. If you’re concerned your pet could be a risk, it may be worth considering increasing your coverage. You can also speak with your insurance agent about adding an umbrella policy, which gives you extra liability coverage beyond your renters insurance limits.

Are certain dog breeds excluded from renters insurance liability coverage?

Some dog breeds, including pit bulls, German shepherds, and Dobermans, are often excluded from renters insurance liability coverage because they’re seen as higher risk. There may also be limits on exotic pets or animals with a history of aggression. That said, some insurance companies may still offer separate coverage for certain breeds or give you the option to add an umbrella policy for extra liability insurance.

Does renters insurance cover damage my pet causes to my apartment or belongings?

In general, renters insurance won’t cover damage your pet causes to your personal belongings, your apartment, or your roommate’s belongings. It also won’t cover injuries to people who live with you.

Does renters insurance pay if my pet gets sick or injured?

Typically, renters insurance won’t cover your pet if they get sick or hurt — that’s what pet insurance is for. If you want help paying for vet bills from accidents or illnesses, you’ll need a separate pet insurance policy. It works a lot like health insurance for people and may cover certain things like vaccinations, surgeries, and emergency care.

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SoFi Insurance Agency, LLC. (“”SoFi””) is compensated by Experian for each customer who purchases a policy through the SoFi-Experian partnership.


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Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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If you’re a renter, you probably know it’s important to have renters insurance to protect yourself against all kinds of perils. But you may not realize that not all perils are covered. Take, for example, floods.

While renters insurance may pay for water damage from a pipe that bursts unexpectedly or a dishwasher that overflows suddenly, it typically doesn’t cover flood damage. If you want that kind of protection, you should consider purchasing a separate flood insurance policy.

Understanding Flood Damage and Standard Renters Insurance

Renters insurance can protect tenants in a few key ways. It provides financial reimbursement for covered losses to your personal property. It can help protect you if someone is injured while on your property. And some policies will also pay your living expenses if your home is deemed uninhabitable due to damage from a covered peril, like a fire or storm.

Unfortunately, policies don’t typically cover damage to your rental or belongings that’s caused by a flood. As we discussed, for that type of coverage, you will need to look into purchasing a flood insurance policy for renters.

How Separate Flood Insurance Policies Protect Renters

Renters who live in one of the 22,600 participating National Flood Insurance Program (NFIP) communities may be eligible to purchase renters flood insurance. The NFIP is managed by the Federal Emergency Management Agency (FEMA) and is delivered to the public by a network of more than 47 insurance companies and the NFIP Direct.

To purchase flood insurance, you can get a quote with the NFIP Quote Tool available via FloodSmart.gov. Then, share the quote with an agent near you, or call your insurance company directly. There is typically a 30-day waiting period for an NFIP policy to go into effect.

The cost for flood insurance for renters depends on a variety of factors, including whether your rental is located in a flood plain or other high-risk area and your renters insurance coverage limits. Living near a body of water within a high-risk area will usually drive flood insurance prices up.

The Flood Exclusion (and Related Limitations) in Renters Insurance

Standard renters insurance policies typically exclude flood damage. Renters insurance often covers water damages from unexpected events, like burst pipes, leaking appliances, and accidental water discharge from plumbing. As we’ve mentioned, to protect your belongings from flood damage, you’ll need to purchase a separate renters flood insurance policy.

Flood insurance for renters is typically a “contents-only” policy, so only your personal property within the rental unit will be covered. Renters flood insurance can cover up to $100,000 of tenant-owned property in rental units above the lowest elevated flood, according to FEMA. This can include things like furniture, clothing, electronics, and other personal items. Coverage for contents below the lowest elevated floor or in a basement or basement apartment is generally limited to a washer, a dryer, a freezer, and the food in it.

Protecting Your Belongings From Flood Damage as a Renter

One of the most effective ways to protect your belongings from flood damage as a renter is by having renters flood insurance coverage.

Other proactive measures include moving valuable belongings to higher ground, creating flood barriers like sandbags to block water from entering your rental, and sealing cracks and gaps around windows, doors, pipes, and wires.

If you see appliances or parts of the rental unit that are in need of upkeep, be sure to let your landlord know so that they can be promptly fixed.

What to Do After Experiencing Flood Damage in Your Rental

If a flood is in progress in your rental, immediately turn off the gas, electricity, and central air conditioning and heating to prevent further damage. Then, contact your landlord or property manager to inform them about the flood and any damage.

If you have renters flood insurance and want to file a claim, then you should also contact your insurance company to start the claims process. Take photos and videos of the water and the damage to your belongings for insurance purposes.

However, before making the call, it’s helpful to consider the pros and cons of filing. One clear benefit of filing a claim is that you’ll hopefully receive money for some or all of the costs to fix or replace your items (and, depending on the extent of the damage, perhaps pay for your living expenses while your home is being repaired).

However, you’ll be on the hook for any insurance deductibles. If the only thing that was damaged during the flood was a cheap couch that is several years old and broken, it might not be worth filing a claim, especially if the insurance company raises your premium afterward. The process can also be time consuming and potentially frustrating.

Recommended: What Is Renters Insurance and Do I Need It?

The Takeaway

Does renters insurance cover flood damage? While renters insurance water leak damage from unexpected pipes bursting or leaking appliances might be covered, water damage from floods will likely not be covered. If you rent in a high-risk flood zone, you’re generally not required to have flood insurance, but it is recommended. And keep in mind, floods can still occur well outside of high-risk flood zones.

Looking to protect your belongings? SoFi has partnered with Lemonade to offer renters insurance. Policies are easy to understand and apply for, with instant quotes available. Prices start at just $5 per month.

FAQ

Does renters insurance cover any type of water damage?

Renters insurance does cover some types of water damage, such as damage from an unexpectedly burst pipe or a leaky roof from a leaking appliance.

Where can renters buy flood insurance?

Renters who live in a National Flood Insurance Program (NFIP) area may be able to buy flood insurance from one of the more than 47 participating insurance companies. You can get a quote through the online NFIP Quote Tool, and then contact the insurance company to purchase the renters flood insurance policy.

What does flood insurance for renters typically cover?

Renters flood insurance can cover up to $100,000 of tenant-owned property in rental units above the lowest elevated flood. This can include things like furniture, clothing, electronics, and other personal items. Coverage for contents below the lowest elevated floor or in a basement or basement apartment is limited to a washer, a dryer, a freezer and the food in it.

Is flood insurance expensive for renters?

The cost for flood insurance for renters depends on a variety of factors, including your renters insurance coverage limits and whether your rental is located in a floodplain or other high-risk area. Living near a body of water within a high-risk area will usually drive up flood insurance prices.

Do I need flood insurance if I don’t live in a high-risk flood zone?

Generally speaking, you are not required to have flood insurance if you don’t live in a high-risk flood zone, but it is usually recommended. Floods can still occur outside of high-risk flood zones.

Photo credit: iStock/Image Source

Auto Insurance: Must have a valid driver’s license. Not available in all states.
Home and Renters Insurance: Insurance not available in all states.
Experian is a registered trademark of Experian.
SoFi Insurance Agency, LLC. (“”SoFi””) is compensated by Experian for each customer who purchases a policy through the SoFi-Experian partnership.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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