Beginning a New Chapter with the Right Renters Insurance

Nov 17, 2016


Alex & Abby are on the path to their biggest adventure of all – a new baby. Their journey will be full of laughter, joy, sleepless nights, and probably a few small uh-ohs along the way.

Let’s face it, those little “uh-oh” moments come along with the territory of being a parent. Speak to anyone with a child and they’re sure to have at least one story about a time their child ruined something – like that one time Sam accidentally smashed the TV on Christmas morning with the new bat Santa brought; or the day dad was teaching Avery to throw a ball and it went through the front window; or the time Johnny flushed the entire contents of Mom’s purse down the toilet and ruined the first floor plumbing.

While you can’t always prevent these situations from happening, you can get coverage to prepare against the inevitable little “uh-ohs” in life.

If you’re starting a new family, make sure you’re covered with an affordable renters insurance policy.

What’s Included in a Renters Policy?

Renters insurance has 3 main components of coverage: Personal Property, Liability Coverage, and Additional Living Expenses.

Personal Property coverage is for the physical things you own in your rental: your clothes, furniture, and all the other things that make your place home.

Liability Coverage pays for legal fees if you’re found legally responsible for injuries to other people or damage to their property. For example: liability coverage may help cover the costs if your child accidentally throws a ball through a neighbor’s window -or- a guest trips and falls over something in your home and you’re held responsible for medical bills.

Additional Living Expenses help cover  associated costs if your rental becomes unlivable, like if the unit is damaged by fire. This coverage may help pay for things like hotel bills.

Who’s Covered On A Renters Policy?

When you take out a Renters Policy, the coverage will extend to any “named insureds” listed on the policy. Named insureds are the individuals in your household who will be covered if something happens. On most renters policies, named insureds include the person who signed for the policy, their spouse and any relatives living with them (including children & elderly family members within certain age ranges).

Intentional Damages from Children

It’s pretty well understood that insurance never covers intentional acts. However, intentional acts performed by a young child may actually be covered by your renters policy. This is because it’s assumed that children under a certain age just can’t comprehend the consequences of their actions.

So, most renters insurance policies will cover damages from intentional act done by your children , but only up to a certain age. This age limit is often set at 13. By 13, it’s expected that your child can comprehend the consequences of their actions.

Example, your precocious 3-year-old throws a toy inside and it smashes your TV. This may be covered under your renters policy, because the child is too young to understand the consequences of throwing something at the TV. Add ten years to the equation however, and the outcome is different. If your 13-year-old child throws a toy inside your home and damages your TV, the damages may not be covered since they are old enough to understand the consequences of their actions.

Other Renters Insurance Coverage that Apply to Kids

Renters Insurance doesn’t just cover the damage done by your kids – it also covers their personal property. If there’s a fire, their clothes, furniture, and other possessions would be covered under your renters policy.

Coverage even applies to them while they’re not at home. Say someone steals their laptop while they’re at school, your renters policy should cover the cost to replace it. Just be sure to check with your replacement values are set at. Some policies limit the amount that will be paid out for certain items like electronics.

Damages During a Playdate

Damage to the property of others is another renters insurance coverage that’s useful when you have kids. If your child is over at a friend’s house and accidentally drop their friend’s tablet, the cost to repair or replace the tablet could be covered.

What’s Not Covered

While renters insurance may help protect you in important ways, it’s important to know that it  does not cover the physical building you’re living in. Landlord insurance is designed to help protect the owner’s dwelling, while you, the renter, are responsible for protecting the belongings you keep inside. Keep in mind this also works in reverse. While your landlord’s insurance offers liability protection for their unit,  that protection does not extend to tenants or their belongings.

There’s more to Renters Insurance for Parents than You’d Think
Take the next step in life with certainty. Find out what coverage renters insurance can provide you, reach out to one of our experts through the contact form below!

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