Thursday, July 29

If you purchased appliances for your rental, renters insurance will cover most damage — but not improper maintenance

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Most landlords furnish rental units with household appliances, but if your landlord didn’t supply appliances and you had to buy them, renters insurance will cover damage to your appliances. But in order for damage to be covered, it must be the result of named insurance perils, or covered events, such as fire, theft, and vandalism.

Does renters insurance cover household appliances?

Renters insurance is a type of homeowners insurance that replaces your belongings if damaged or stolen. However, damage from improper maintenance and normal wear and tear are not covered.

Renters insurance covers your personal property from damage, which is often referred to as insurance perils. If you purchased the household appliances for your rental, damage to your appliances unit will be covered if it’s the result of a covered peril.

A peril is an event that may damage your belongings, like theft, fire, or a storm. Common insurance perils include fire, lightning, theft, ice, snow, sleet, smoke, vandalism, and freezing. Water damage due to a peril is also covered.

Floods, earthquakes, government seizures, mudslides, ordinance updates, sewer backups, and sinkholes are all perils that won’t be covered by renters insurance, according to Hippo Insurance. Those will require add-on coverage using a rider policy.

Damage from wear and tear or lack of maintenance is usually not covered by renters insurance.

*Available as add-on coverage if not part of policy

**Flood insurance is available through the NFIP and approved insurers

What is personal property insurance?

Renters insurance protects your belongings and furnishings from damage due to covered events, or insurance perils. There are limits to standard personal property coverage depending on your policy and insurance carrier, usually $100,000.

Be sure to inform your renters insurance company if you purchased appliances for your rental to make sure you have enough personal property coverage and understand the limits of that coverage for your appliance. Different companies will have varying policies, so it’s best to check with your provider .

If your household appliance is damaged from an insurance peril, file a claim with your renters insurance.

Consider an appliance warranty for repair and maintenance costs

If your household appliances aren’t damaged due to an insurance peril, an appliance warranty may be an option to reduce maintenance and repair costs. Appliance warranties are service contracts to repair or replace items.

Home warranties generally cover HVAC units and water heaters — typically the responsibility of the landlord. However, appliance warranties are specifically for household appliances like the fridge, microwave, or washer and dryer.

You can get an appliance warranty from the manufacturer, like Sears or GE. Most retailers offer an appliance warranty for your purchase, like Best Buy’s Geek Squad or Home Depot. Otherwise, you can get an appliance warranty from Asurion or American Home Shield.

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