As a renter, have you ever wondered if your landlord can make a claim on your renters insurance? We've got the simple answer.
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We know you’re smart, which is why, if you’re a renter, we know you already have renters insurance. Nice one! This means you’re keeping yourself covered in case the unthinkable happens — be that a giant storm, a burst pipe, or a party gone wildly wrong.
It’s also possible that your landlord required you to get insurance and might have even stipulated how much coverage you needed in your lease agreement. Which begs the question: Can your landlord make a claim on your renters insurance?
The good news (and straight-forward answer) is that no, your landlord can’t make a claim on your renters insurance policy. Your renters insurance policy protects you and your personal belongings only, and your landlord will have their own insurance.
That said, your landlord may request that you list them as an interested party on your renters policy, which means they get pinged if you change your policy or file a claim. However, listing your landlord as an “interested party” shouldn’t impact your premium or coverage.
Just be sure you don’t list them as “additional insured” on your policy! If you do, you’ll also pay to cover them and their personal property. (No thank you!)
No one wants to find themselves in need of insurance, but life happens — which is why you bought insurance in the first place. Here’s how to be smart about filing a claim.
Before you start cleaning up any mess, photograph everything — and we do mean everything. This is extremely important. Have water damage from a storm? Take pictures from every angle and clearly capture everything related to the incident, from the water-stained walls to the leaky pipe. Were you robbed? Don’t forget to photograph the broken window, as well as the mess the buglers made.
Then, make a list of everything that was damaged or stolen. Try to include as much information as possible. If, like Joey and Chandler, your television was taken, but you know the make and model, write it down! If your home was vandalized or burgled, contact the police as soon as possible. Your renters insurance provider will likely need a copy of the police report to process your claim.
If you need to use your personal liability coverage, gather written statements from the injured party and any witnesses. Then, give the injured party your renters insurance information so they can file a claim.
It can help to keep updated photographs of your rental to show what your home looks like normally. Hopefully you’ll never actually need these, but if you do, they can help show the extent of damage.
Once you’ve collected the evidence, review your renters insurance policy. It should contain the following:
This is when you’ll want to figure out if you have actual cash value or replacement value coverage. With actual cash value coverage, you’ll receive what your items are worth today, reflecting depreciation. With replacement value coverage, your payout will allow you to buy new versions of what you lost.
Keep in mind that if your losses don’t significantly exceed your deductible, you may not want to file a claim because your premium will probably go up once you do so. That rate increase could cost just as much as what you get back from the insurance company after filing a small claim.
While they can’t make a claim themselves on your policy, you should still let your landlord know about any incident as soon as you can — especially if there’s property damage. If they’re listed as an interested party on your renters policy, then the insurance company will inform them of your claim anyways — so you may as well make sure your landlord hears from you first.
You should submit your claim as soon as you possibly can. Doing so can help you get a fast and favorable outcome. Plus, some providers may require that you file within a specific window, often 48 to 72 hours after the covered event.
You may be able to file your claim on the insurance company’s website or via a mobile app. But if you have questions or need assistance, call your insurance agent. In either case, provide as much detail as you can upfront and be sure to submit any required documentation, such as a police report, photographs, or receipts for your belongings.
Don’t forget to keep records of any conversation you have with your provider. Get the agent’s name, and note down when you made your call. All of this could be useful if you run into trouble with your claim.
And lest you think this is your chance to score a bigger payout, remember that if you lie or exaggerate about your loss, you’re committing insurance fraud. So…don’t!
It can take a while to resolve your claim! For example, let’s say you have replacement cost coverage for your belongings. First, your insurance company will give you the actual cash value for them. Then, you’ll shop for your new items and submit your receipts to your insurer. They’ll review your purchases and then reimburse you for the difference between the actual cash value and what you paid.
And yes, a slow claims process is a pain in the you-know-what. But such is the world we live in! You may have to call repeatedly. You may have to diligently follow up. Breathe in, breathe out, take a walk.
Your landlord can never make a claim on your renters insurance, and hopefully you never have to, either. But if you do, Marble is here to make that process easier. With Marble, all your insurance documents will be in one place, so you don’t have to waste precious time hunting for them during a crisis. And if, after filing a claim, you decide you want a new insurance company, we’ve got your back. Marble can help you compare policies and get quotes all while earning rewards. Try Marble today!
