Does Renters Insurance Cover Appliances?

When you rent a home, you need renters insurance by your side. It’s an important investment that will help you be prepared in case of any challenge that might arise unexpectedly in your home. As one of your primary benefits, your plan will provide personal property coverage that will help you cover the costs related to lost or damaged belongings. Sometimes, these might include damaged household appliances. 

However, when it comes to insuring property, your renters insurance is only designed to cover items belonging to you. Therefore, there are times where you might have no responsibility whatsoever to insure household appliances. It just merits considering ownership when desiring whether to file a claim. 

Understanding Personal Property Coverage 

Personal property insurance is one of the core facets of your renters policy. It will help you replace personal items damaged or destroyed in unforeseen circumstances—fires, break-ins, vandalism, severe weather, etc. You’ll be able to receive a settlement based on the value of the lost items, and while there will be limitations on the maximum payout you can receive, you will receive adequate compensation for your losses. 

In general, your personal property coverage will pay for lost appliances that you personally own. For example, if you own the home’s refrigerator, and it gets damaged in a fire, then your renters insurance will provide an appropriate amount of money to help you replace this item. You might be compensated either based on the item’s like-new value or its cash value at the time of the loss. A deductible will also apply to your claim in most cases. 

However, if an appliance does not belong to you, and is not in your care, then you usually don’t have to insure it. Therefore, if a fire were to damage the refrigerator that came installed in the rental home when you occupied it, then it will be your landlord’s property insurance that will cover these items. As a result, when appliances do sustain damage, it’s up to you to determine what your responsibility for those items is. 

Only in limited cases will you be require to pay for appliances that belong to the property owner. A prime example of this scenario would be if you were the party to cause the damage. For example, if you were to cause a kitchen fire that damages the space, then you might have to repay the property owner for the damage you caused. At this point, your liability insurance will be the portion of your policy that will help you make the proper repayments. 

To learn more about how your renters insurance can apply to appliance damage, just speak to your agent. They are happy to help you learn more about the finer points of your coverage.