If you were to ask people across the country what June 1st to November 30th means to them, you'd probably get a blank stare of confusion. But if you were to ask Floridians, most people would immediately give the response, "that's hurricane season". This tropical time of year presents uncertainty among homeowners, business owners and renters alike.
Renters insurance and what it covers can be a very confusing topic. In this blog, we'll explain what is and what isn't covered by renters insurance in the event of a hurricane.
What Does Renters Insurance Cover?
In insurance jargon, the cause of the damage is known as a peril. Interestingly enough, hurricanes themselves are not considered perils. Things such as:
- Falling objects
Are all examples of perils. Most of these should be covered under your renters insurance policy, but to be 100% certain, contact your provider.
A notable exception that isn't covered under renters insurance is a flood. You will need to carry flood insurance to be protected against said damages.
Personal Property Coverage
If your personal belongings are damaged during a hurricane, and the damage is a result of a covered peril under your insurance, such as wind or hail, your renters insurance policy will cover the costs to repair or replace your personal property up to the policy limits.
For example, if hurricane-force winds break the window to your home and cause damage to your belongings, renters insurance will help replace your damaged items.
Tenants need to be aware they do not need to repair any damages to the window or replace the window. This should be covered by a landlord insurance policy.
ALE (Additional Living Expenses) functions under the same rules as personal property protection: You will only be eligible for coverage if the costs come as a result of a covered peril.
As we stated above, renters insurance won't protect your rental home against a hurricane-induced flood, but it can be protected with flood insurance. Although, these policies only cover personal property damage, not ALE.
Reed Property Management
At Reed Property Management, we strongly encourage you to purchase a rental insurance policy for your rental home. Not just to protect yourself from possible hurricane damage, but all of life's surprises... from an electrical fire to a broken pipe resulting in damaged valuables or furnishings.