| Top 20 Metropolitan Areas |
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- New York, NY
- Los Angeles, CA
- Chicago, IL
- Houston, TX
- Phoenix, AZ
- Philadelphia, PA
- San Antonio, TX
- San Diego, CA
- San Jose, CA
- Detroit, MI
- San Francisco, CA
- Jacksonville, FL
- Indianapolis, IN
- Austin, TX
- Columbus, OH
- Fort Worth, TX
- Charlotte, NC
- Memphis, TN
- Baltimore, MD
- Boston, MA
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Renters Insurance |
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| Just because you don’t own a home doesn’t mean that you are not eligible to receive the same type of protection against damages to your personal belongings as your landlord has in his homeowner’s policy. His policy will cover damages done to the roof over your head, but will not repair or replace damages to your valuables, furnishings or other items that you as a tenant own. Renters Insurance (HO4) was developed to help those who are tenants in a building they do not own guard against personal financial loss when disaster strikes. A typical HO4 policy will cover damages due to a list of basic perils including natural events like lightening, wind, hail, volcanic eruption, snow, and ice as well as damages incurred by falling objects, vandalism, vehicles, riot, smoke/fire and others. Earthquakes and flooding due to natural disaster are exclusions and if you live in an area that is prone to these things it may be wise to purchase additional policies that will cover those events.
What to KnowAs a renter there are a couple of things that are important for you to know and understand before you sign for your policy.
- Does the policy cover the replacement cost of your valuables or just the actual cash value (ACV)? For instance, if there are damages to the dryer that you paid $600 for five or six years ago, you will still have to pay a similar amount, but an AVC will only cover the amount the six year old dryer was worth at the time of the incident.
Note: You may want to purchase what is called a “rider” for any valuables including jewelry that may not be fully covered under your policy.
- What do you own? It is important to know the items that your policy will be covering and is a good idea to take an inventory list in case something unfortunate does happen. That way you will be prepared to make a list for the insurance company. You may even want to take photographs of your belongings—especially those of greater value. For more information on the best ways to keep track of your things, visit the Insurance Information Institute. (http://appspot.com)
- Find out if your policy includes an additional living expenses clause that will pay for another place for you to live if your place becomes uninhabitable due to covered damages.
- Most renters insurance policies will include liability insurance for any accidents that may occur on the premises where you live.
- Your premiums will be influenced by your location, the deductible amount you are willing to pay, rider policies you have included, and a number of other things. Make sure you know if your insurance provider offers any discounts for things like security systems or specific types of fire alarms etc...
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