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Renters Insurance Saved Me: Common Scenarios

Published on May 05, 2022

Buying renters insurance is something that can get pushed down the priority list because you’re not legally required to have it. However, even though you don’t have to buy a renters policy, many good reasons exist to carry this surprisingly affordable insurance. Let’s explore some common renters insurance scenarios where this coverage can save the day.

Theft is one of the best reasons to have renters insurance. If your place is burgled, a renters policy can cover the cost of any items damaged or stolen. A “cover my stuff” renters insurance policy is always a good investment — especially considering how affordable the premiums are.

Jenny lived in a good neighborhood and did not think she would ever need theft insurance, but one day she came home from work to find her apartment in shambles. She was devastated. The first thing she noticed was that her electronics, computer, and an antique clock that was an heirloom from her grandmother were gone. She walked into the bedroom to find that her jewelry box and files containing her passwords and bank account information were missing, too.

While some items can never be replaced, like her grandmother's antique clock, renters insurance helped Jenny replace the missing electronics, computer, and jewelry. Her insurance company representative was also able to give her some good advice to help prevent identity theft that could arise as a result of the stolen files. Jenny’s renters insurance policy alleviated some of the financial stress of having to replace her expensive electronics and other items.

Water Damage

Water damage is one of the most common renters insurance scenarios and one that makes tenants glad they had coverage. If you live in an apartment with people living above you, it’s especially important to consider buying a renters policy. No matter how well you get along with your neighbors, they can sometimes make mistakes that affect you, your place, and your belongings.

When Steve left for work that morning, he knew that all was well in his apartment. He had no idea he would come home to disaster in the form of extensive water damage . Steve’s upstairs neighbor has small children, and, unfortunately, one of them turned on the bathtub faucet, which caused the tub to run over.

When Steve got home, he was greeted by a wet mess. Water dripped from the ceiling and ran down the walls. In addition to the sodden ceiling and walls, the water had also ruined Steve’s laptop and expensive sound system. Fortunately, Steve’s rental insurance company quickly processed his claim and reimbursed him, which allowed him to replace his personal belongings immediately after the loss.

Fire and smoke damage are some of the other most common claims insurance companies receive. Even if you practice fire safety, you can’t control the actions of your roommates or those who live around you. Moreover, when you’re dealing with electricity, anything can go wrong — from a faulty electrical appliance to rodents chewing the wiring in your home. If a fire does break out, the most important thing is to take care of yourself and your loved ones, before worrying about your possessions. But it’s reassuring to know that most renters insurance typically covers property loss due to fire.

Becky and her family had gone to bed on Christmas Eve. At 3:00 am, the smoke detector went off and they woke up to a house filled with smoke. Fortunately, everyone got out safely, including the family dog. The only problem was that they no longer had a place to stay.

Becky called her renters insurance company and was happy to find out that they would begin paying for a hotel room immediately. The policy helped replace many of the family’s belongings and paid for temporary housing until they could find other suitable accommodation. It was an unfortunate situation but having a good renters policy helped ease some of the pressure.

What Can You Use Renters Insurance For?

The examples above are some of the most common renters insurance scenarios that cause policyholders to file claims. One of the most important things you can do is to familiarize yourself with what your policy covers and what is not covered by renters insurance . A Wawanesa renters policy covers a lot of unfortunate situations, such as theft of your belongings, water damage, and certain weather events. Check out the full list of what’s covered .

Many people don’t realize the extent of what renters insurance covers. For instance, renters can cover medical expenses if, say, your friend slips and falls in your apartment during a get-together. Most policies also cover theft of your belongings outside of your home — say, your gym bag gets stolen from your fitness facility locker or car. Your policy can also cover the cost of staying in a hotel if your place is damaged to the point where you have to move out.

In some cases, renters insurance will help even if the damage was your fault. Say you accidentally allowed the tub to overflow or left the stove on when you headed out . Renters won’t always cover these types of circumstances, but in certain cases, it will.

It’s important to understand that your belongings are not covered by your landlord’s policy. And while you may not think you have much stuff, when you take stock, you’ll find that the cost to replace all, or even some, of your personal possessions will add up quickly. Unfortunately, many renters don’t realize the full cost of a disaster until something happens.

The best part about having a renters policy is that it allows you to focus on life and not worry about what you would do if something were to happen. No one wants to dwell on potential mishaps, but they do occur. No matter what kind of rental you call home, renters insurance gives you the peace of mind that comes with knowing you’re protected should the worst happen.

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The above content is for informational purposes only and is not a direct representation of coverages offered by Wawanesa or its policies. The information does not refer to any specific contract of insurance and does not modify any definitions, provisions, exclusions or limitations expressly stated in any contracts of insurance. All references within the above content are illustrative and may not apply to your situation. The terms and conditions of the actual insurance policy or policies involved in a claim are determinative as to whether an accident or other loss is covered. To understand the coverage under your current policy, please log into the account management platform to review your policy or contact an agent directly.

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A Renter’s Story & Why You Should Have Renter’s Insurance

• April 22, 2013
• No Comments

I got a text message from a client and friend of mine, John Brooks.  John’s a realtor with Keller Williams in Dallas ( www.johnbrookstherealtor.com ) and he and his wife, Aggie, live in a loft style apartment near downtown.  The text message was a picture of their dog watching a fan blow air across the floor that let me know they’d experienced a water leak.  I called John while m y wife, Sheri, and I were heading to meet some friends for dinner, so I could get the full scoop.

Like most busy couples, John and Aggie had gotten up that morning and gone in different directions, both had meetings.  Once John’s meeting had ended, he’d gone home to take care of a few things then headed off to another meeting.  Aggie stopped by their home 15 minutes later only to find water pouring from their ceiling into their apartment.  Aggie called John with the news, so he turned around to help her with the water in their apartment.  While on the way, John called the property manager to report the situation.

It turns out, their upstairs neighbor had left water running in a sink that eventually overflowed and built up enough to cause it to “rain” in their apartment one floor below.  The maintenance people turned the water off and brought fans to both apartments to help dry them out and keep the hardwoods from warping.  John and Aggie were extremely fortunate for several reasons.

• The water had only been falling into their apartment for maybe 15 minutes as that was the time between when John left and Aggie arrived at their home.
• The management company was able to quickly shut the water off upstairs and begin cleaning up the water damage.
• The water fell in an area where there was minimal damage.  The only damage they experienced was to sheet rock and flooring, not their personal property.
• They have ample renters insurance to protect themselves if the results of the leak had been much worse.
• By catching it early they didn’t even have to file a claim.

There are two insurance applications their experience helps demonstrate.

• The physical building (exterior & interior)
• The finish out of John and Aggie’s home – cabinets, sheet rock, flooring, etc.
• John and Aggie’s renters’ policy covers all their personal property – clothing, furniture, dishes, computer equipment, electronics, etc.

In fact, if John had filed a claim, his policy would have even paid for them to rent a motel room while their apartment was being repaired, had that been needed.

John and Aggie’s story could have had a much different outcome, had Aggie not walked in the door 15 minutes after John had left.  Had it been several hours:

• Their apartment could have been flooded.
• They could have experienced a lot of damage or loss to their personal property that totaled thousands of dollars.
• They may not have been able to stay home that night or for several nights thereafter.

They were protected from something they never thought would happen to them.  Are you?  If you don’t have renter’s insurance, let us help you.  We have access to 10 excellent companies that can help you affordably.

Share your comments, questions or suggestions with us in the comments section of our blog or on our Facebook page.  I’d love to hear from you.  And if you need an excellent realtor, give John a call.  His number’s on his webpage and he writes a very informative and entertaining blog at http://johnbrookstherealtor.wordpress.com/ .

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Reis Insurance Agency

Renters Insurance: Learn from this True Story

October 2, 2012 By Reis Insurance

Here’s a true case study about an apartment in Stillwater, Minn., that might make you want to learn more about renters insurance.

One renter in a four-plex apartment building created a huge mess for the other tenants with overflowing water. She accidentally left a faucet running for five hours, and the resulting bathroom flood caused such damage that three of the four tenants had to temporarily relocate while repairs were done. Perhaps worse, only one of the tenants had renters insurance, so the other three were left to replace their damaged personal property on their own. Of course, the property owner replaced the carpet and drywall, repainted damaged walls and completed other necessary repairs. But he was not responsible for replacing tenants’ property. While the tenants did nothing wrong (not counting the woman who left the faucet unattended) and could do nothing to prevent the disaster, they were left with temporary housing needs and water-soaked possessions.

What Does Renters Insurance Cover?

The story is a good example of what a typical renters insurance claim can be—it’s not exciting enough to make the local news, but it can set your life and finances back for months or even years if you don’t have renters insurance. You might not think it can happen to you, but it can.

Renters insurance typically covers:

• Your personal property, both in your apartment and in your vehicles. Since most people acquire their possessions over time, it’s easy to lose track of its accumulative value. But consider the cost of replacing electronics, food, clothes and more all at once. Also, say your car is stolen. The stuff inside is not covered by auto insurance ; you would need renters coverage for that.
• Temporary living expenses if you need to relocate while repairs are being made to your home.
• Most liability claims in the event that someone is hurt while in your rental property.

Affordable Protection for Your Possessions

A common misconception among renters is that they can’t afford the coverage. The fact is that renters insurance will usually cost less than a few hundred dollars each year. Quickly scan your home and tally the value of your belongings in your head. You may be surprised how fast that number reaches into the thousands. You can protect all those possessions for just a few dollars a month. Renters insurance covers such disasters and damage caused by plumbing leaks, fire or smoke, lightning, windstorm or hail, volcanic eruption, ice, vandalism, theft, explosion and falling objects. Floods and earthquakes are typically excluded from standard renters insurance. (In our experience, volcanoes and earthquakes rarely hit Northwestern Wisconsin, but one never knows.) Contact Reis Insurance Agency to discuss your renters insurance options. We’ll provide no-obligation quotes from several of the insurance companies we work with, so you will know your needs are being met. You may qualify for an insurance discount if you have multiple policies with the same insurance company.

Insurance can be confusing at times and everyone's needs are different. If you have questions regarding coverage, pricing, or anything else related to insurance, send us an email or give us a call .

If you'd like to get a free, no-obligation quote, all you have to do is ask!

Contact Reis Today!

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