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Surprising things renters insurance covers

Surprising things renters insurance covers

Insurance is designed to offer peace of mind, but there’s a reason your policy has all that fine print: You might not have the coverage you expect. Like any other insurance policy, renters insurance has exclusions, and knowing about them ahead of time can help you avoid unexpected bills in a disaster.

Just as important, though, is knowing what IS covered. All that fine print in your policy likely includes coverage you might not expect, which could save you money down the line.

COVERED: BELONGINGS OUTSIDE YOUR HOME

Most renters know insurance covers personal belongings within their home but may not realize their things are probably covered off-premises too, including when traveling. Barbara Madvin, an insurance agent at Gaspar Insurance Services, says vehicle break-ins are some of the most common insurance claims she sees for renters. While damage to the car itself is generally covered by your auto policy, your renters insurance pays for items stolen from the vehicle, as long as their value exceeds your deductible.

Your renters policy will also cover your belongings if you move them from your home to a storage unit, a friend’s house or anywhere else to protect them from a covered disaster. In the event of a wildfire or hurricane evacuation, this can be particularly valuable, according to Christine G. Barlow, a chartered property casualty underwriter. This coverage typically lasts 30 days.

COVERED: LIVING EXPENSES IF YOUR RENTAL IS UNINHABITABLE


While your home is undergoing repairs due to a fire or other covered disaster, your insurance company will usually pay for you to maintain your normal standard of living somewhere else.

A “normal standard of living” is broader than you might think. For instance, if you live in a rental home with a pool that you use every day, “the carrier needs to

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As Trump says he’s abandoned stimulus talks, renters and landlords face a financial cliff

As Trump says he’s abandoned stimulus talks, renters and landlords face a financial cliff

President Donald Trump has quashed hopes for a new federal stimulus package before the presidential election in November. And that could leave America’s renters and landlords in a lurch.

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 Tuesday afternoon, Trump initially said that he had instructed his team to stop negotiating with Democrats until after the election. He then later suggested he would be open to approving elements of the stimulus package individually, including another round of $1,200 stimulus checks to individual Americans and relief for airlines, by using leftover funds from the CARES Act passed this spring to pay for them.

A second stimulus package could provide a crucial lifeline for renters and some landlords. As the coronavirus pandemic has upended the nation’s economy, so too has it disrupted the country’s rental housing market. Months of layoffs and furloughs have left millions of Americans unable to afford to pay their rent. Landlords, meanwhile, have been forced to shoulder property tax and mortgage payments in the interim.

All told, some 30 to 40 million Americans face the threat of eviction as a result of the pandemic. Last month, the Centers for Disease Control and Prevention took historic action by issuing a nationwide moratorium on evictions. Public-health experts worried that if millions of people were kicked out of their homes, it could exacerbate the spread of COVID-19 and complicate efforts to reduce transmission.

The CDC’s moratorium didn’t automatically provide protection to tenants. Instead, renters have to proactively notify their landlords that they cannot be evicted under the order by meeting certain specifications. Gaps in the way the moratorium was designed have led to thousands of renters facing eviction hearings.

When the CDC’s order was announced, housing experts said it was merely “slowing the clock on evictions.” That’s because moratorium did not come with funding for

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