In any given year, burglary losses in the
United States run in the billions of dollars. The average residential
loss often exceeds $1,000.00 (Insurance Industry News)
Many renters do not realize they have so much
to lose, whether it is personal belongings or financial loss due to
legal liability. If you do not already have renters insurance,
you may question its importance and the coverage it provides. Check out
some common questions and answers below. You might be surprised to
learn just how much you risk losing without proper insurance for both
your personal liability and your personal belongings.
Q: Why would I need a renters insurance policy if my landlord carries insurance?
A: The insurance your landlord carries
covers the building structure, but does not cover your personal
belongings—your furniture, wardrobe, appliances, television—anything
that you've moved into the building. You need a renters policy to cover
your personal possessions.
Q: Just what is covered by renters insurance? (Also known as "insured Peril")
A: A covered peril is a cause of loss for which a renters insurance policy will provide protection. Insured losses include theft, fire, smoke, lightning, explosion, riot, vandalism, hail, and water damage from plumbing.
A: A covered peril is a cause of loss for which a renters insurance policy will provide protection. Insured losses include theft, fire, smoke, lightning, explosion, riot, vandalism, hail, and water damage from plumbing.
Q: What are the odds of my home/apartment/condo being burglarized?
A: Chances of a burglary in your home are
greater than you think. In fact, a burglary occurs about every ten
seconds. According to recent FBI statistics, two of every three
burglaries occur in homes, condos, or apartments with an average loss of
$1,004 per residence!
Q: Renters insurance covers theft in the home. What if I'm held-up while away from my home, or if I'm a pickpocket victim?
A: Renters Insurance can provide coverage
from theft whether it occurs at home or away from home. This coverage
includes protection against loss from robbery, pickpocket theft..Even
credit card loss, forged checks or counterfeit money.
Q: If my video cassette recorder of stereo were stolen, would my renters insurance provide coverage to buy a new one?
A: The Personal Property Replacement Cost
Option in a Renters Policy assures you that most of your covered
property will be repaired or replaced without deduction for
depreciation. For example: if stolen they above mentioned items will be
replace with Brand new items.
Q: What is the difference between an ACV (actual cash value) and Replacement cost policies?
A: ACV policies are cheaper because they
take into account the age of the item that is lost or destroyed. For
Example: a 5 year old Stereo is stolen. An ACV policy will only
reimburse you the value of a 5 year old stereo! (Maybe $100 if you're
lucky!) A replacement policy says go buy a NEW Stereo of like Brand,
quality, features as the one that was stolen and we'll give you the
money to buy it brand new!
Q: What if my child accidentally breaks a neighbor's window?
A: A renters policy covers property damage
caused by you or your family members (up to the policy limits.) This
family coverage is automatic in most renters policies.
Q: How can I determine how much insurance I need?
A: Add up the dollar value of everything
you own in your home. Clothing, furniture, television, stereo equipment,
computers, kitchen utensils, etc. What would it cost Brand New if you
had to replace everything? Most companies have a calculator to help you
get in the ball park, but ultimately, it is your responsibility to
determine how much you need.
Finally: As a Renter, you face many of the same risks as a homeowner.
Some renter's think they can never be sued as they don't Own the
property. What if you are out playing golf or softball with friends and
someone gets hit with a ball? (either bodily injury and/or property
damage) The liability of a renters policy will defend you and pay any
damages up to the limit that you choose.
Shopping around for the right renters
insurance policy is a smart investment of your time and purchasing a
good policy is a smart use of your money. Online services (yes, like
ours at Online Insurance Quotes.Com) have made the process easier than
ever, so rather you use our service or someone else, start shopping
today...you made need it sooner than we hope you do.
