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Renters Insurance and You

Renters Insurance and You

If you rent a home or apartment, chances are you may not have thought too much about what insurance to buy. After all, you don’t own the dwelling that you rent, so there is no need to cover it. This is true, but the dwelling itself isn’t what you should be concerned about. As a renter you still have belongings that could be lost in the event of a fire or theft, and you still have most of the same exposures that home owners do. Let’s take a look at what renters insurance has to offer: Renters Insurance Covers Your Stuff When you rent, the structure in which you reside is likely insured by the owner, whether it is a person, corporation or association. This coverage only extends to the structure, and does not extend to any contents of the structure that may be owned by you. In the event of a fire or break-in, your landlord’s policy will only pay for repair or replacement of damage to the structure.  Your belongings would not be covered, so it’s important that you have renters insurance to replace your items. Renters insurance covers anything that is owned, used or worn by you or someone in your family that resides in the home.  This includes your furnishings, dishes, clothing, books, etc. There are usually incremental limits for this coverage ($10,000, $25,000, and more). Your broker can help you select the limits of coverage that are right for your family. Please note that there are sub limits for some categories such as electronic equipment, firearms, jewelry and fine arts. Be sure to discuss...
Dwelling Insurance: A Landlord’s Necessity

Dwelling Insurance: A Landlord’s Necessity

If you own more than one residential property, chances are good that you rent out the other(s). If you have homeowners insurance on your home, do you have insurance on the other properties? Rental property insurance, also known as dwelling insurance, is different from homeowners insurance. Rental properties create different sorts of risks that are not inherent to your owned home, most of which would not be covered under your current homeowners insurance policy. Here are a few reasons why you should have rental property insurance. Your Rental Structure Isn’t Covered Your homeowners policy covers the main house and any other structures on the same property or at the same address. Even in cases where the rental property is on the same premises (such as a garage apartment) the usage of the structure would exclude it from homeowners insurance coverage. A rental insurance policy may cover the structure in a couple of different ways: with a comprehensive policy (all perils except those that are excluded) and as a named perils policy, which only covers those perils specifically named.  It can also include other structures such as fencing, walls or a shed on the same premises, though it depends on the purpose of the other structure. Other Property Coverage For Rentals If the property you rent is furnished, or if you store your belongings on the rental premises, personal property coverage should be added to the policy. This coverage will repair or replace items that you own and have a financial interest in, but will not cover the property of others, such as tenants. Another item to consider is Loss...
The ABCs of Homeowners Insurance

The ABCs of Homeowners Insurance

When you think of homeowners insurance, you probably think of a policy that responds when your house burns down, or if someone breaks in. Those things are typically covered under a homeowners insurance policy, but these policies cover those instances and so much more. There are many types of insurance policies for personal insurance coverage, but the three basics are: Homeowners Insurance. This is a policy that most people who own homes do or should have to protect their home and their belongings. Renters Insurance. This is the policy that most people who rent homes do or should have to protect their belongings. Dwelling insurance. This is the type of policy that a homeowner should have on a house that they rent to others, or that is insured at another location such as a summer or vacation home. This article will be focusing on just homeowners coverage. The sections of a homeowners insurance policy are denoted by a coverage letter, and they start with the property coverage. Coverage A: Your House. If you own a home, whether detached, semi-attached (a townhome or similar) or attached (a condominium) you should have coverage for the entire structure or the part of the structure you occupy. The amount of coverage is typically determined by an insurance (not market-value) appraisal, and may be written on a replacement cost or actual cash value basis depending on the age and construction of the dwelling. Replacement cost coverage is preferred, since you will want to replace your home should it be damaged or destroyed. Coverage B: Other Structures. In some cases, there may be another structure...