renter's insurance?

Question

i've been told you can have your renters insurance cover things in your home that you accidentally break. is this true? my son just broke my expensive camera, are there any downfalls to filing a claim to get it fixed through
my renter's insurance?

Answer 1

Sort of.

If you specifically schedule an item - like a camera - it will have MUCH more broad coverage, and sometimes no deductible. The downside is, you have to pay a seperate premium for it, and the claim still 'counts against you'. Most states will allow a company to cancel you for two claims inside of three years - and then no one else will insure you.

So in the long run, it's usually not worth it. Plus, MANY forms exclude coverage for "my kid broke it" or "my kid dropped it in the pool". You'll have to talk to your agent about YOUR form wording.

Answer 2

If I own a home without a a mortgage I can get a renters policy rather than homeowner insurance. It is a narrow niche, e.g., a run down house that is uninsurable due to poor maintenance. The risk to the insurance company is the same either way, i.e., tenet occupied or owner occupied.

Answer 3

Not true.

Renters insurance (and homeowners insurance) is named peril for contents coverage. That means that one of the perils specifically listed in the policy has to cause the damage. Examples of perils are: fire, lighting, theft etc. Clumsy children is not a named peril.

The exception is if you have "scheduled" the property. That means you added the property to your policy on an Inland marine floater. This is usually done with expensive jewelry (such as engagement rings). A floater provides broader coverage than what is provided by the standard homeowners policy.

If you did not have the camera scheduled prior to the loss - then you are out of luck.

Answer 4

I am an insurance agent and in my state an insurance policy does not cover breakage on your personal property.

Answer 5

I'm an agent and MSAD is correct.