Renters Flood Insurance

You searched for the perfect apartment, passed the background check, and signed a lease. You even bought renters insurance to make sure your stuff is covered in the event something goes wrong. Before you kick up your feet and get too comfortable, there may be one more policy you need to consider flood insurance for renters. Protect your stuff from rising waters, dam breaks, and other floods by buying flood insurance for renters. Flooding is not covered by renters insurance, so if you live in an area at risk of flooding, you may need a separate flood insurance policy.

Personal Property Contents

Insuring your possessions is just as important as financially protecting the structure of your home or business. Even a few inches of water can cause tens of thousands of dollars in damage. Without flood insurance to cover those losses, your financial security may be at risk. Personal property coverage commonly known as contents coverage is an important option to consider because it is not automatically included in your most renter’s standard insurance policies. Renters can obtain up to $100,000 in contents coverage to protect their personal belongings.

Flood Insurance for Renters?

Flood insurance is insurance that protects you in the event of a flood from storm surge, melting snow, too much rain, or broken levees or dams. (Not covered: water damage from burst pipes, some plumbing issues, or broken washing machines — those are covered by renters insurance.) Flood insurance does not include additional living expenses or loss of use coverage, and neither will your renters insurance policy won’t provide coverage for floods, either. That means that if you need to vacate your apartment because of a flood caused by rising waters, neither renters insurance nor flood insurance will cover your living expenses.

What Could You Lose in a Flood?

Contents coverage pays the Actual Cash Value of your belongings. In a flood you could lose such personal items as televisions, computers, clothes, toys, couches, and much more. Without personal property coverage included in your flood insurance policy, you could end up paying for all of these losses. A thorough home inventory to document your belongings will help if you need to file a flood insurance claim

Why Renters Need Flood Insurance?

Your landlord’s insurance doesn’t cover your residential personal belongings. If your landlord has flood insurance it only covers the building and doesn’t cover any of your personal items or your costs if you need to vacate your apartment or home.
Renters insurance flooding
Minor floods can cause a lot of damage.

30-Day Waiting Period

There’s typically a 30-day waiting period before the policy goes into effect. Don’t to wait until a storm is coming or the rivers are rising before thinking about flood insurance — by then it’s too late.