Does Renters Insurance Cover Job Loss?
7647 POINTSview profileMark Bartlett CLCSBranch Owner, TWFG Insurance Services, Fremont California and the Greater Bay Area Representing Dozens of Insurance CarriersRenters insurance polices do not cover job loss. Renters polices are designed to protect your personal property and to give you liability protection if you are sued for bodily injury or property damage you may have caused to another party. Also there are coverage's for loss of use should you be dislocated from your premises due to a covered peril. Job loss is not a covered peril.Answered on July 3, 2013flag this answer
37376 POINTSview profileDavid G. Pipes, CLU®, RICP®Business Development Officer, T.D. McNeil Insurance Services, Fresno, CaliforniaA renter’s policy covers damage. It covers damage caused by “specified perils.” While loss of work is damaging it is not damage to the personal property that is insured. Unemployment insurance is a state program that covers lost wages during periods of unemployment. Insurance companies don’t provide such a product.Answered on June 25, 2014flag this answer
21750 POINTSview profileJim WinklerCEO/Owner, Winkler Financial Group, Houston, TexasThat is a great question! Unfortunately, the answer isn't so great. While renters insurance is a very good thing to have when it comes to protecting your belongings, it does absolutely nothing to cover the loss of your job. The coverage of an insurance policy will be strictly defined, and generally limited to a specific kind of liability, like your car, or health. When you paid your deductions from your paycheck, there was a deduction for unemployment insurance, and that is what will help you now, if you qualify. Good luck, I hope that you find a job very soon. Thanks for asking!Answered on June 26, 2014flag this answer
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