Most apartment complexes require you to have renters insurance but do you really know what it covers?
It is more than just your belongings. Lets talk about it...
Lets look at an actual renters insurance policy. Yours might look similar to this one below:
Coverage A and B : Dwelling and Other Structures - Does not apply since tenants are not responsible for the actual structure of the apartment or home. Same goes for other structures which would be something like a detached garage or a shed.
Coverage C: Personal Property - Imagine if you were to turn your home upside down, everything that would fall out would be considered your personal property. It is a smart idea to take an inventory of what you own in case of a loss as well as knowing how much coverage you need to begin with. You will have the option to have replacement cost or actual cost value on your belongings. Replacement cost is the amount of replacement of your belongings with like kind and quality. Actual cash value is the amount of the current replacement minus depreciation. Here at Cost Cutter Insurance we offer replacement cost on personal property.
Coverage D: Loss Of Use - This coverage is typically used if your home is deemed unlivable due to a covered loss. In the case of the policy above, up to $5,000 would be granted to live somewhere else while your home is being repaired.
Coverage E: Personal Liability - This coverage typically would come into play if someone were to sue you. If you had $100,000 limit you would have up to that amount for court cost and attorney fees. The $100,000 limit is typical for a renters policy but you can choose $300,000 or $500,000.
Coverage F: Medical Payments to Others - Just as it sounds, medical payments to others is medical payments to others. Say someone falls inside your home and breaks their leg. You can normally tap into your Medical Payments coverage on your renters policy to help with their medical bills. A deductible does not apply to this coverage.
Deductible - What ever deductible your choose will be the amount you will have to pay before any payment for repairs or replacements is given. Here at Cost Cutter Insurance we offer a $500 deductible to most renters policies.
We hope you learned a little more about renters insurance! If you have any questions please feel free to email or call us.
247 Unionville Indian Trail Rd
Indian Trail, NC 28079
704-821-0422