What is renters Insurance?
Renters insurance covers damages to your personal property anywhere in the world. For instance, if your apartment were to burn down, renters insurance would only replace your personal belongings. However, renters insurance offers you liability and additional living expense protection. Meaning, damages and injuries you might cause to someone else will be covered. However, in the event of a loss, your insurance would cover temporary living expenses. Pull out your policy and see how it addresses you. It might be something to ask your Amco & Remco Insurance agent about the next time you update coverage.
Personal Property And Liability
You are covered against damages caused by:
- Civil Commotion
- Malicious Mischief
- Short Circuit Damage
Renters insurance provides coverage if found legally obligated for any damages. Also known as if someone injures themselves on your property, or if your apartment caves in and damages the apartment under yours. Liability coverage starts around $100,000 and can be increased.
What renters insurance does not cover?
Remember to ask about what is not covered in your renters policy. Renters insurance does not cover anything you do not own. Meaning, the structure part of your apartment will not be covered only your belongings. Also, it does not cover earthquakes or floods. Floods policies are typically handled through FEM.
Your landlord will usually not provide you with renters insurance. You have to purchase it on your own.
Consider making a list of all your personal items. This will help just in case you need to process any claims.
Ask your agent for coverage's for certain items. You might want to consider floaters, or endorsement. A floater is additional coverage for high priced items that reach more then normal limits on your policy. Like an expensive ring that is valued at $20,000. Because some insurance companies limit their coverage's for jewelry a little below $10,000. A floater will be needed to ensure your jewelry is covered. Floaters and endorsements expand to other items like jewelry, work of arts, fire arms, or film equipment.
Talk to an Amco & Remco Insurance agent to see how much you might need to change to your coverage. Our agents can provide advice in helping you change your coverage. Tell us what the price is at your old insurance agency and we will try our hardest to beat it.