Coverage Information 2018-08-07T22:46:12+00:00

Contents Coverage

What items are covered?

In general, everything you own. However there are a few exceptions and limitations. Fine Arts, Collectibles and Jewelry may need a special endorsement. Certain business property may not be covered. As an example, if you are in a band and your musical instrument is stolen between sets, you may need a separate business policy. Other than that, your clothing, furniture, electronics, and other personal belongings would be replaced in the event of loss or damage.

Some policies include actual cash value coverage, which means that if your belongings are lost or damaged, you would only be compensated for their depreciated value. Our renters insurance policies include replacement cost coverage. That means we’ll be compensating you the cost to purchase a new item of the same like, kind and quality.

But what kinds of perils does our renters insurance cover you for? Since our policies are Special Form, you’ll be covered for anything that happens, with the exception of things that are specifically excluded. In general, those exclusions would be earthquake, flood, wear and tear, animal infestation, construct defect, and war. We recommend that you read the (sample policy) to better understand your benefits.

Additional Living Expenses

Sometimes referred to as Loss of Use.

If you suffer damage in your home and have to move out, your landlord is not necessarily responsible for your living expenses. However, you should have your rent abated for the days that you are unable to reside in your home. This is usually pro-rated on a daily basis. In other words, if your rent is $1,500 per month, or about $50 per day, you should be rebated $50 for each day you are not able to occupy your home. Since the average cost of a hotel is well over $100 a night, you’ll have to come out of pocket to pay the difference, if you don’t have this coverage. Not to mention meal expense. Since you won’t have access to a kitchen, you’ll be eating out a lot, and that can get costly! Other expenses may include pet boarding, laundry and more. If the damage is severe, and you’re likely to be out of your home for several months, you may have the option to break your lease.  To determine how much additional living expense coverage you need, calculate hotel and restaurant costs in your area.

Liability and Medical Payments

Where does your responsibility begin and end?

If you have a visitor in your home, and they get injured, are you responsible? It all depends on the situation. Suppose the hinge on the kitchen cabinet comes loose, and the door falls on someone’s head. What if your dog bites someone? What if you serve some drinks to a friend, and they have an accident on the way home? In this litigious society, people are ready to file a lawsuit at the drop of a hat. The most important thing to remember is that our renters insurance coverage not only pays a settlement if there is a judgment against you, but also pays for the defense costs associated with the claim. Your landlord should have liability coverage under the apartment building insurance, but it may not provide protection for all situations.

Deductible

Paying out of pocket.

What is a Deductible? In the event of a liability loss, you have no deductible. That means that if someone is injured or you damage someone’s property, you won’t be required to pay for any of it. However, if your belongings are damaged or stolen, we’ll be subtracting the deductible from the settlement. In other words, if the water damage causes $10,000 in damage, and you have a $500 deductible, expect to receive a settlement in the amount of $9,500.

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