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Home > Blog > Does Renters Insurance Cover My Appliances?
THURSDAY, JULY 30, 2020

Does Renters Insurance Cover My Appliances?

When you buy renters insurance, your policy won’t cover the structure of the home itself. However, since you don’t own the dwelling, you won’t need this coverage. Still, you will need to insure your belongings, as well as protect yourself against the liability risks you pose to others. So, when it comesRenters sign down to insuring your property’s appliances, renters insurance can likely help. However, the party that owns the item will be a factor into how your policy will provide support. Here's why. 

  

Renters Insurance and Personally Owned Appliances 

 

Your personal possessions will have coverage under your renters insurance. Thus, whatever appliances you own and move into the home, you can often insure on your policy. Your coverage might apply to any number of items like: 

  • Window box A/C units 

  • Washer/dryers  

  • Light fixtures  

  • Cooking appliances. 

 

To choose the right amount of coverage for these items, you will need to estimate their values. You can find a solution by having the items appraised or checking their sales receipts. Afterwards, you will add these values to the cost of your other possessions you want to insure. This will give you the approximate limit to set on your possessions policy.

 

When setting your possessions coverage limit, don’t forget that other conditions might apply. Sub-limits, deductibles and exclusions might restrict how much certain possessions claims will pay. Policies might only pay an appliance’s cash value (its used value) from the time of the accident. 

 

Always examine your policy to determine where terms and conditions might apply. If you wonder how to insure high-value appliances as a result, then ask your agent about a solution. You might be able to buy a policy endorsement to insure that specific item. 

 

Coverage for Items You Don’t Own 

 

Appliances like stoves, central HVAC systems or refrigerators might come with rental homes. If they do, then you likely do not have to cover these items using your own renters insurance. These items belong to the landlord, so it is the landlord’s property insurance that can apply to them. 

 

However, your renters insurance might still come in handy should appliance damage occur. If the damage is your fault, then your landlord might expect you to pay. Your liability insurance might be able to pay on your behalf. 

 

This coverage applies when you have an obligation to repay others for your mistakes. Consider a situation where, while using your oven, a fire breaks out. It might damage the appliance and the surrounding area. Your liability insurance can help you pay the landlord for the damage to their property. 

 

So, even though you might not own an appliance personally, your renters insurance can still be a benefit for you when accidents occur. Always buy enough liability insurance to protect you in case of these losses.

 

READ MORE: Can Roommates Carry One Renters Insurance Policy?

Posted 6:47 PM

Tags: renters insurance
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