Renters Insurance | Five Questions to ask your Agent or Broker
A renters insurance policy can cover a wide array of risks depending on the individual policy.
Renters insurance can cover your personal possessions as well as help pay for legal fees and manage the potential risk of a monetary legal judgment should you be sued because of an accident causing bodily injury or property damage to others. It’s important to seek the assistance of a knowledgeable risk manager to ensure your renters policy protects what you have worked so hard to accumulate.
Here are some questions to bring up with your agent or broker when choosing the amount of protection that will insure what matters most is properly protected.
- What is covered under my renters insurance policy?
Never make any assumptions about what is protected and what is not under any insurance policy, including your renters insurance. Should you need to file a claim, your agent or broker should explain in detail what your policy covers, and for how much money. If you are unsure, or have questions, always ask until you have a clear understanding. A respectable risk manager will always make time to be sure you understand the scope and limitations of your insurance policies.
A renters policy is similar to a homeowners policy in that it will generally cover your losses due to fire, theft, and accidental damage. It will also provide some protection against potential legal fees and financial awards due to accidents should you be found to be liable. A renters insurance policy generally does not cover flood or earthquake damage. You should always know the specific amount of coverage you have by category.
- Are my roommates covered under my policy?
Generally, only family members and not roommates are covered under a renters policy. Some providers allow multiple individuals to be covered under one policy, but again, never assume, always ask you agent or broker who is covered by your policy.
- Know the difference between current value and replacement cost protection.
There are two ways you can be protected by a renters policy. 1) You can have current value protection or 2) replacement cost. With current value protection, you might receive only $600 for a TV you may have paid $1,200 for due to depreciation, whereas replacement cost would ensure you could replace that exact TV at the current price.
- Am I protected if my dog bites a guest or neighbor?
Some policies cover liability created by your dog injuring someone, and some do not. It may also depend on the type of dog you own. You should always discuss this matter with your broker and agent when acquiring your renters insurance.
- Are items stolen from my car protected under my renters insurance policy?
Renters policies generally include coverage for items stolen off-premises. That means belongings outside your home have insurance protection similar to the things inside your home. However, off premises coverage may be limited to a percentage of your total coverage amount for personal items. For example, if you have $50,000 in personal items coverage, the amount available for off-premises losses may be 10 percent of that figure, or $5,000. Also, keep in mind, there is generally a deductible that applies.
Conrey Insurance Brokers is dedicated to building strong, lasting, and mutually beneficial relationships with our clients and community. The Conrey Team of experienced risk managers can assist you with your personal insurance, commercial insurance, life insurance, and financial services needs.
Conrey Insurance Brokers prides itself on being a one-stop independent insurance broker and financial services boutique that provides unparalleled expertise, professionalism, and service at a tremendous value.
Act today to ensure you are prepared for tomorrow. Contact the Conrey Team at 1-877-450-1872 or go to our website to get started on a free consultation today.
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Photo #2 by Architecturist and used under the Creative Commons Attribution-Share Alike 3.0 Unported license.
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