When living in rental properties, getting renters insurance will help protect your personal property and liability. Whether you’re faced with a natural disaster, a break-in, or injuries on the property, renters insurance can help protect you and your belongings. Additionally, knowing how to file a renters insurance claim is crucial in case something happens. So, read along as we go over the steps to file a renters insurance claim and when you’d need to.
Contents of This Article:
- What Is Renters Insurance?
- When to File a Renters Insurance Claim
- How to File a Renters Insurance Claim
- Why Would Your Claim Get Denied?
- Do Landlords Require Renters Insurance?
What Is Renters Insurance?
If you’ve ever lived in a rental property, you’ve likely been offered or required to get renters insurance. Like homeowners insurance, renters insurance helps cover the cost of tenants’ personal belongings in case they’re damaged, stolen, or destroyed. So whether you’re a landlord, tenant, or manager for residential property management in Northern Virginia, you’ll want to know about renters insurance.
Generally, renters insurance offers three types of coverage, including the following.
- Tenant Property Coverage– Renters insurance covers your personal property, including items like furniture, electronics, and clothing, if they are damaged or lost due to covered events like fire, theft, or vandalism. However, there may be some limitations for more valuable items, like jewelry, artwork, or some collectibles.
- Renters Liability Coverage– Renters insurance provides liability protection, which can assist if someone is injured while on your rental property and you’re deemed responsible for their injuries. Additionally, it can provide coverage for damage to a neighbor’s property that you are held accountable for.
- Emergency Living Expenses– If the rental is damaged and becomes unlivable due to a covered event, renters insurance can cover the costs of emergency living expenses. For instance, it may cover the costs of staying in a hotel or temporary rental.
If something happens to you or your property while living in a rental, you may need to file a renters insurance claim. Next, we’ll discuss instances where you’d want to file a claim and the steps to do so.
When to File a Renters Insurance Claim
Sometimes, it is easier to pay for damages out of pocket and avoid involving your renter’s insurance company. However, there are several instances where you’d want to file a renters insurance claim. For example, if the cost of your damaged or lost personal property exceeds your deductible, you’ll want to file a claim.
Generally, people file renters insurance claims after a fire or natural disaster destroys their personal belongings within the property. Additionally, if there’s been theft, burglary, or vandalism of property worth more than your deductive, you’ll want to file a claim.
However, if you’ve filed a claim recently or your damaged or lost property is less than your deductive, it may not be worth filing a claim. Additionally, finding coverage may be more complicated or expensive if you have a history of claims.
How to File a Renters Insurance Claim
If you need to file a renters insurance claim, there are specific steps you need to follow. Here’s what to do if you need to file a claim for damage or theft in your rental property.
- Tell Your Landlord
- File a Police Report If Necessary
- Contact Your Insurance Company
- Document the Incident and Losses
- Finish Filing your Claim
Tell Your Landlord
If you feel the need to file a renters insurance claim, you’ll want to inform your landlord first. Even though they may not be involved in your claim, your landlord should be the first to know if there’s damage or theft within the property.
For instance, if the property needs repairs, your property manager or landlord should be the one to coordinate them. Additionally, if there’s theft or burglary in an apartment, your landlord must ensure the property is safe and that other tenants are aware.
File a Police Report If Necessary
Depending on the type of damage or losses you experience, you may need to file a police report. For instance, if your losses are due to theft, vandalism, or burglary, you’ll want to file a police report immediately. Some insurance companies require it to help with the investigation.
The reason for filing a report is to document that a crime has occurred. As such, you’ll want to document as many details as possible, including the names of the police you talk to, so your insurance company can contact them if necessary.
Contact Your Insurance Company
Once you’ve let your landlord know and filed a police report if necessary, the next step is to contact your renter’s insurance company. Let them know that you plan on filing a claim, and give them the details of the occurrence as soon as possible.
When you contact your insurance company, you must give them all the information you have about the incident. That way, they can verify your coverage, the time limit for filing, and whether your claim will meet or exceed your deductible.
Document the Incident and Losses
You’ve contacted your landlord, filed a police report, and informed your insurance company that you would file a claim. Throughout all these processes, it’s crucial to document each step and gather as much information as possible.
For instance, you’ll need a copy of the police report, receipts for immediate expenses, and documentation of contact with your landlord. Next, you’ll want to document any lost, damaged, or stolen personal items.
Come up with a list of everything that needs to be replaced and information from your home inventory. Document the date you acquired the item, how much you paid for it, copies of receipts, and any other information you have about the damaged or stolen items. The more information you have, the better, and the faster your claim may be settled.
Finish Filing Your Claim
Now that you have as much information as possible, you can use it to complete your insurance claim. Your insurance company will state how long you have to complete your claim, usually around 48 to 72 hours. However, if your situation is ongoing and you need to relocate, you can update your claim to cover additional living expenses as necessary. However, filing your initial claim within your given timeframe is crucial. That said, if you need clarification on any steps in the process or have any questions, your insurance company can help.
Why Would Your Claim Get Denied?
There may be a few instances where your renter’s insurance claim gets denied. While it’s generally rare, here are a few reasons your insurance company may deny your claim.
- You Waited Too Long- You must file a claim within the time specified in your insurance policy. If you wait too long, your claim may be denied.
- Fraud- Ensuring everything on your claim is truthful and valued correctly is crucial. Any fraudulent claims will be denied.
- Need More Evidence- Gathering as much information about damages or losses is the easiest way to file a claim. Your insurance company will request any missing information or documents.
- Damage or Loss Isn’t Covered- Some items may be excluded from coverage. Otherwise, your insurer can determine that the loss may result from negligence, in which case your insurance company won’t be held responsible.
Do Landlords Require Renters Insurance?
Now that we’ve gone over how to file a renters insurance claim, you may be wondering–is renters insurance required? While not every landlord requires renters insurance, it’s an excellent way to protect your personal belongings in a rental property.
That said, if you’re a landlord wondering whether or not you should require renters insurance, it’s generally a good idea. For instance, it provides protection from property damage, reduces the risk of a lawsuit, lowers homeowners insurance premiums, gives your tenants protection, and offers peace of mind for everyone.
Need More Advice? contact us today!
There are several ways to protect your investment, but insurance and comprehensive property management are some of the best solutions. In addition, qualified property managers can help keep up with maintenance, customer service, and administrative tasks. So, whether you own one property or several rentals, consider hiring Bay Property Management Group to manage them. Contact us to learn more about our services and how we can help your rental business today.