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| Please click one of the following questions to see the answer or ask a question here. |
Questions:
• Why should I buy Renters Insurance?
• Is my computer covered on a Renters Policy?
• What about waterbed insurance?
• What will Loss of Use under Renters provide me?
• How will I be able to recall the contents in my residence if it's destroyed?
• Is my personal property only insured while in my residence?
• How are claims settled?
• Is Personal Liability covered in a Renters Policy?
• Can my Landlord's insurance company sue me for damages that I cause?
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Why should I buy Renters Insurance?
A: If you are renting or living in someones home, condo, mobile home or apartment and your clothes, appliances, televisions, furniture, stereos, jewelry, food, computers and that special collection of Dagwood comic books, etc. were destroyed in a fire, or other type of insurance policy covered loss, could you replace them out of your pocket? If you said no, you need Renters Insurance.
A landlords home insurance policy, or fire policies will not cover your personal property under their own. You must purchase an individual Renters policy for your family to insure and protect your personal property while living under their roof, otherwise, your property would be left unprotected.
You have no way to know or control how careless other people may be while living next door to you, or the apartment or condominium above or below you.
Statistically, a large amount of fire and water damages result from stove fires, candles burning and cigarette fires within an apartment or home. The collateral damage to your residence's property could be significant even though you were not the cause of the claim.
The same logic and necessity to own a Renter's Policy applies if you were the cause of an accidental claim at your residence with respect to your personal property.
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Is my computer covered on a Renters Policy?
A: If you have a renters policy, your personal computer would be covered, in the home, against all of the basic disasters listed in the policy. So, if your computer is stolen or destroyed in a fire, you would be covered.
Some companies, however, have dollar limits for electronic equipment. This means your computer; printer and related items would be covered only for the amount (usually $5,000) listed in your policy. If you need additional coverage, you can usually raise the dollar amount by paying a little more premium. In addition, you may consider purchasing a separate "floater" with your renters policy, for your portable computer. This policy would cover your portable computer for its full value anywhere in the world on an all-risk basis.
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What about waterbed insurance?
A: If you want to use a waterbed, the landlord can require you to have a waterbed insurance policy to cover possible property damage |
What will Loss of Use under Renters provide me?
A: It is also called additional living expense coverage, and it’s designed to make sure that all the additional costs associated with the inability to use your residence are covered after a covered loss.
It can include things like a hotel stay, meals that you eat out but normally would cook at home, even replacement of immediately essential personal items.
It helps pay for hotels, meals, laundry, transportation costs, and more, until you are back in your rental unit. (Or until you’ve permanently relocated.)
The additional living expense or loss of use component of renters insurance is important because it provides peace of mind. Well, it keeps you from worrying about becoming homeless if a disaster or some other crisis forces you to move out of your rental home or apartment for a while |
How will I be able to recall the contents in my residence if it's destroyed?
A: It's wise to generate a detailed list of your possessions. Making a video or photographic record of your possessions is advisable, as well. You may want to consider storing your inventory in a safe-deposit box off your property, or at least in a lockable fireproof storage box in your home. Not only will a record of your possessions take most of the guesswork out of filing a claim, police say such documentation can help you prove ownership in case your belongings are recovered from a thief later. Also, you may want to videotape or photograph the mess after a disaster and before you begin the cleanup. Although not required, this can help you to prove the extent of loss thus having your claim settled and paid alot sooner.
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Is my personal property only insured while in my residence?
A: No. Personal property is covered anywhere in the world including while you travel.
There are limitations to personal property that is normally situated at "other" than your principle place of residence, however.
Typically, the limitation is 10 percent of Coverage C, also known as Contents Coverage, when it is lost or damaged by being normally situated at "other" than your principle place of residence. The covered loss will have the deductible on the policy subtracted from the 10 percent Coverage C value too.
For example, if Mr. Lagrew has been keeping his tools at his friend's, Joe's, tool shed down the street, for an extended period of time, then a "covered" loss to Mr. Lagrew's $50,000 in Coverage C would be paid out at up to $5,000(ten percent) less any deductible on Mr. Lagrew's policy.
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How are claims settled?
A: The process a claim is settled is, your deductible is subtracted from the total personal property loss determined then the difference is paid to you to go out and replace everything in a store brand new regardless of the age or condition of your personal property before the loss. This loss clause settlement is called Contents Replacement and is highly recommended. Typical deductibles that are available are $100, $250 and $500. It's certainly cheaper than replacing all your possessions after a disaster without having any insurance.
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Is Personal Liability covered in a Renters Policy?
A: Yes! In addition to legal defense, legal counsel is provided as part of the policy too. Personal liability is covered in the event that, you are held liable or are found legally obligated in a court of law to pay for your negligence or wrong doing that caused injury to another party. Remember, there are exclusions to all insurance policies so make sure to discuss this subject with Gold Mountain's licensed professionals, as well as to read the policies of the company who you are purchasing from. One obvious exclusion on all policies is "intentional acts."
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Can my Landlord's insurance company sue me for damages that I cause?
A: Your landlord probably has insurance that covers the rental unit or dwelling, but you should not assume that the landlords insurance will protect you for your personal property. If the landlords insurance company pays the landlord for a loss that you cause, the insurance company may then sue you to recover what it has paid the landlord. |
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