Many renters don’t even consider Renters Insurance unless their landlord requires it. Most think I don’t own the building I live in, my landlord does. Exactly, you don’t own the building you live in and just for that reason you need to make sure your personal belongings are covered in case of fire or smoke, theft, lighting, vandalism, explosion, windstorm and water damage (not by flooding). Your landlord’s insurance is not responsible for covering your belongings. Many landlords now require proof of renters insurance before they even let you sign the contract. As a renters policy only provides coverage for your personal belongings their premiums are very reasonable. Recent studies show that renters are more likely to have a theft occur than homeowners.
But that’s not all renters insurance covers. Renters Insurance will not only protect your belongings inside your apartment, but also away from home! What’s even more important is the liability protection that your renters insurance policy provides. Your renters insurance policy protects you and your family members against bodily injury and property damage liability claims and any litigation that may result subject to the limits you select. In addition, you can select medical payments coverage which will pay for medical expenses incurred by a visitor who is injured at your residence regardless of fault. Various limits are available.
Here are some tips to help you decide how much coverage is good for you
Add up the cost of everything you would want to replace if it were damaged or stolen. Take an inventory of the items; it will make the process of filing a claim easier. Take photographs or make a video of these items and place a copy of the inventory in safe place away from your home. You can also you our Home Inventory Section on our new PHH APP.
There are two types of renters insurance policies you may purchase:
1. Actual Cash Value (ACV) – pays to replace your home or possessions minus a deduction for depreciation up to the limit of your policy
2. Replacement Cost – pays the actual cost of replacing your home or possessions (no deduction for depreciation) up to the limit of your policy
So before you decide against getting renters insurance for your apartment, give Penny Hanley & Howley a call to review all your options.
Protecting YOU is our Job.
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