Renters insurance is a valuable asset when you are just starting out. Just like a quality homeowners insurance policy, a renters policy protects your possessions and covers any liability you may experience if an accident occurs in your apartment. Working with our reputable agents at Kneller Insurance Agency will ensure that you have the right amount of coverage to protect your family and your financial assets. With renters insurance, all of your financial needs are met.
Here are six questions you must ask about your renters’ insurance policy:
- What Does My Policy Cover?
A renters policy covers your belongings and any potential liability you may face if someone is injured while visiting your home. You will also be entitled to alternative living expenses if something prevents you from staying in your apartment. It will be up to you to read through your policy to know what is covered.
- What Does It Not Cover?
Your renters coverage only protects your property and any resulting liability. It will not cover any damage intentionally done to your apartment itself. It will also not cover damages caused by earthquakes, floods, and hurricanes. Those are supplemental policies that must be purchased separately and attached to your policy to fill in any gaps.
- Will My Policy Cover My Roommate?
While your renters policy will generally provide coverage to your family, it may draw the line at covering your roommate. When each one has an individual policy, it is easier to provide accurate coverage. It’s important that each roommate also have their own detailed inventory of all their possessions.
- How Is Cash Value Different from Replacement Cost?
There can be a major difference between an item’s cash value and its replacement cost. Antiques and collectibles may have an appraised value higher than their replacement value. While it may cost more to insure an item for its appraised or replacement value, it will be worth the extra cost if your items are damaged, lost, or stolen.
- Will My Dog Affect My Renters Insurance?
Having a dog may affect your renters insurance if it belongs to an aggressive breed. If it is a German shepherd, Pitbull, Rottweiler, or Akita, odds are you will have to purchase an additional liability policy to cover yourself if your dog bites someone or causes excessive damage to your home.
- What If Something Is Stolen from My Car?
If something is stolen from your vehicle while it is parked outside of your apartment, your renters insurance will cover the cost of replacing the item. You will have been required to take any necessary precautions, such as locking the doors, setting the alarm, and keeping valuables out of sight. If you have comprehensive coverage on your vehicle, it may be a toss-up as to which policy actually picks up the claim.
If you are renting an apartment or a home, you will want to talk to our insurance experts to ensure you have sufficient renters insurance. Contact us at Kneller Insurance Agency at your earliest convenience to discuss your policy and the amount of coverage you may need.
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