NYC Insurance Blog

What Does Your Insurance Policy Cover?

What does your renters or homeowners’ insurance cover? Typically, household insurance covers losses incurred by your loved ones, i.e., anyone related to you by blood, marriage, or adoption. However, nowadays, people have different types of relationships. It is difficult to determine if your fiancé is covered because you might cohabitate. Remember that your household policy does not cover your partner if you are not officially married or in a legal civil union. Therefore, if you want to include them in your policy, you can add them as additional insured at an extra cost. If you have kids, they are automatically included in your renters or homeowners’ policy because you are related. However, intentional property damage is not covered. As a property owner, you must be responsible for maintaining and taking care of your property. If property damage results from negligence, you will not be reimbursed. 

Although renters or homeowners insurance includes your children, it only consists of those under 21. Ideally, your policy provides coverage to immediate family, i.e., mother, father, brother, sister, and grandparents. Therefore, if you have other family members living in your home, they should purchase additional coverage. Remember to buy enough coverage for immediate family members. Having a roommate to minimize expenses is common, especially in a city. If that's the case, your roommate should consider taking out a renters insurance policy to protect their property. Renters' insurance might cover some of the shared items, but it does not cover your roommate's personal property. Regardless of the number of roommates, each should consider purchasing their own policy to ensure you have enough coverage should the unthinkable happen. 

Does Your Insurance Policy Cover Pets?

Your policy covers liability incurred at home or outside while walking your dog. However, if your pets destroy your property, your insurance company will not cover the loss. You must ensure your dog or other pets are well-behaved and looked after to minimize losses. You are negligent and responsible for all the losses if your dog destroys your property. When it comes to owning a dog, there are two insurance exceptions. You are not covered if:

1. Your dog's breed is categorized as a high-risk breed. High-risk breeds are considered a liability because they have a high chance of causing problems. Typical high-risk breeds include Pitbull, Akita, a German Shepherd, Rottweiler, Chow, Great Dane, Alaskan Malamute, Staffordshire Terrier, Presa Canario, Wolf Hybrids, and Siberian Husky. 
2. Your dog has a history of biting. If your insurance company checks the state or city databases and finds out that your dog has a history of biting other people, there is a high possibility you will not get coverage. 

The exceptions mentioned above do not apply if your dog is a helper dog, i.e., trained to help the physically challenged, e.g., the Seeing Guide or Hearing Guide dog. Therefore, if you are physically disabled and you own a Siberian Husky as a Seeing Guide Dog, you are covered! However, the dog should not have queer or questionable habits or behaviors. Knowing what your policy covers, is important, give us a call today for your free quote!

What Does Your Renters Insurance Cover?

Here are the four financial protection covers offered by renters insurance cover:

Personal property damage

If a covered risk damages your property, your renters insurance policy will cover the cost of repairing or replacing your personal property up to the policy's limit. 

Personal liability

If you are responsible for someone's injuries or their property getting damaged, your policy will cover the liability costs, including legal and medical expenses. 

Additional living costs

If your unit or rental home is uninhabitable due to a covered risk, your renters insurance policy will reimburse you for the additional living costs. This coverage is also referred to as loss of use. Suppose you spend $1,000 daily, but you are spending $2,000 daily because you are eating out, renting a hotel room, paying for an Uber, etc. In that case, your policy will pay for the additional living expenses up to the policy's limit. 

Medical coverage

The renters insurance policy provides limited medical coverage if a guest is injured on your property.

Final Thoughts

When purchasing renters insurance, talk to your insurance agent and select a limit that provides adequate coverage in the event of a loss. Remember that the policy does not apply to high-value items, for example, jewelry and electronics. Therefore, if you own valuable items, consult your insurance agent about buying a renters policy in which you can increase sub-limits to protect valuable items. Finally, if you are still determining how much renters insurance you should purchase or the types of coverage you should choose, talk to an experienced insurance agent to help you decide. Having a Broker, makes deciding on insurance easier, and give one a better understanding, Call us Today!

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