The reality is that not everybody owns their home, but just about every home has homeowners insurance. This can be confusing for renters who may or may not understand whether or not they will be covered in the event their property is damaged in a hurricane. It is vital to understand how renters insurance works in these situations, particularly if you are a landlord and wonder what your homeowner’s insurance will be responsible for.
You need to know what coverage will help you
Many people rent their homes. However, this does not mean that their possessions will be covered under the landlord’s homeowner’s policy if a disaster occurs. However, this is not the case, and many people underestimate the importance of having renters insurance.
Yes, the person who owns a home most certainly has homeowners insurance. However, their policy is only going to cover what belongs to the homeowner, namely the structure and any personal possessions that belong to them that may also be destroyed.
Even if you do have renters insurance in Louisiana, you should know what it will and will not cover. Typically, these policies will cover your personal property, any medical bills if someone gets hurt at your home, and loss of use if you need to leave the premises while repairs are ongoing.
However, no renter’s insurance policy is going to cover water damage from flooding or storm surge from the ocean. The good news is that just like homeowners can purchase flood insurance, so can renters. You can purchase a policy that covers the contents of your home should a flood event occur.
If you rent, do not expect to be covered under your landlord’s homeowners insurance policy. This is not insurance bad faith; this is just the reality of renting versus owning.
Our team is ready to help
If you have any questions about renters insurance versus homeowners insurance in the aftermath of a hurricane, contact the team at Insurance Claim HQ. We will help to ensure that your insurance carrier pays for valid claims, and we will clarify what your insurance policy stipulates that the insurer is responsible for. You can contact our New Orleans bad faith insurance attorney for a free consultation of your case.