3 Things To Know About Renter's Insurance Coverage of Storms

3/29/2021 (Permalink)

Roof construction in a Carpentersville, IL home.

If You Rent A Property This Information Is For You

Rental properties aren't immune to damage. Unexpected weather events happen. What exactly are property managers responsible for covering? What does the renter's insurance cover, and what do tenants owe? Regardless of what type of commercial property you own, if you rent it out, this information is for you.

1. Damage from Certain Weather Events May Not Be Covered
Typically, renter's insurance is a requirement for tenants under property management. One of the coverage areas includes storm damage. Do you know the extent of this coverage, however? Generally, this insurance coverage spans issues that arise from natural disasters, including:

• Hail storms
  
• Wildfires
  
• High winds
  
• Rain storms
  
• Snow and ice
  
• Lightning strikes
  
  

However, there are certain weather events that aren't usually covered. Floods and earthquakes are often excluded. Always check for the local laws and regulations in Carpentersville, IL.

2. Property Owners Are Responsible for the Structure
It's a common misconception that if you are renting, you aren't responsible for any damage that occurs. That is false, especially if you cause the damage. What about natural occurrences that are inevitable? In this case, property owners are only responsible for mitigating damage to the structure. Exterior damage caused by storms calls for local remediation experts to be brought in by the property management.

3. Tenants Are Responsible for the Contents
Renters are required to purchase insurance for a reason. This protects them from unexpectedly losing personal property due to a storm or other natural weather event. While the limits and deductibles may vary, most insurance coverage reimburses tenants for:

• Damage to personal belongings
  
• Temporary housing expenses
  
• Interior debris removal
  
• Food spoilage from power outages
  
  

Always check the fine print to determine what the property manager and tenants are responsible for, respectively. Work with remediation specialists that are in tandem with your chosen insurance. You can never fully predict a natural disaster, but knowledge of renter's insurance can help lessen the impact when something does occur.