Renters Insurance

Make It Simple- Renters Insurance

This is our fourth installment in the Make It Simple series. Have you tried to read your insurance policy and just given up? It can be very confusing! Let me try to simplify it for you.

Every policy (regardless of type) should have a Declarations Page, commonly referred to as the “Dec Page”. This page “declares” who you are, what property you have insured, your coverage choices and how much you are paying for this policy period.

Similar to Homeowners insurance, there are 2 types of coverage on your Renters insurance policy; Coverage that protects the other party and coverage that protects you.

Coverage that protects the other party:

Personal Liability: Covers you if someone is injured on your property due to your negligence.  It may help pay for treatment of their injuries and your legal costs.

Guest Medical Payments: May provide reasonable and necessary medical expenses to a guest on your property injured in an accident.

 

Coverage that protects you:

Personal Property:  This is your contents on the property. This can be written as Actual Cash Value (ACV) or Replacement Cost (RC) coverage. ACV coverage means your belongings are covered at the amount it would cost to replace them minus depreciation. So if you have a 5 year old tv that is stolen, you will receive the amount it would cost to replace the tv 5 years ago.  RC coverage means your belongings are covered at the amount it would cost to replace them at the time of the claim. So if you have a 5 year old tv that is stolen, you will receive the amount it would cost to replace the tv at todays cost.

Loss of Use:  May provide reimbursement for reasonable increases in living expenses (such as a hotel room or apt) due to a covered loss, if your rental home is uninhabitable.

Deductibles:  is the amount you pay out of pocket when you file a claim for a covered loss. You will have several options to choose from for your deductible. If you have a $500 deductible and a $6,000 loss, the insurance carrier would pay you $5,500 for the claim. A higher deductible will generally                                                             mean a lower premium and vice versa.

Additional coverage: You may be able to add optional coverage such as extra jewelry coverage or Identity theft restoration or increased coverage for business property.

For Parents of college students:  if you have kids living in dorm, remember- personal property coverage  on your home insurance policy will extend to the dorm. But it only covers up to 10% of your personal property coverage amount. A renters policy is an inexpensive way to make sure you child is covered at school!

    If you have questions about your home, auto and commercial insurance, please call Brockman Premier Insurance at 877-987-8683 or email us at  brian@brockmanpremier.com.
Please visit our website for more insurance tips and information.

Personal property on vacation

Are you covered while traveling?

   Most of us take the "necessities" with us while traveling. My computer, my phone, my tablet are all necessary for me to survive a trip. (Don't worry - I consider my toothbrush necessary too!)
   So what if your personal property is stolen, broken or lost while traveling with you? Your stuff isn't at home, so will your homeowners/renters insurance policy cover this loss? Most will. But there are restrictions. The coverage varies from carrier to carrier, policy to policy. Always call your agent before you take a trip and make sure you know the specifics of your policy.
   For most policies, these necessities would be covered under Off Premises coverage. Most policies will cover up to 10% of the Personal Property coverage for off premises personal property. So if your Dwelling value is set at $200,000 and you have 50% personal property coverage ($100,000) then your off-premises coverage would be $10,000. Personal property means your necessary electronics, as mentioned above, but it also means your jewelry and your clothing. Keeping that in mind, $10,000 can go quickly. So think about the value of what you are taking with you. You may want to leave some things at home. You may want to add a jewelry rider to your policy. This would list specific pieces of jewelry at their appraised value. They would not detract from your off-premises coverage. You can also add extra coverage for cameras and computers on some policies. Again, contact your agent and see what your options are for your policy.
   Also- keep in mind that your personal property is subject to your All Other Perils deductible. So keeping with the $200,000 dwelling amount, if you have a 1% deductible, you will pay out the first $2,000 for any property loss. So if you have a $10,000 loss, you will only be compensated up to $8,000. If you add the extra coverage for a specific piece of jewelry or a camera, there is no deductible.
   Traveling can be great fun. Make sure you protect your property while you are traveling so your trip isn't ruined by loss.

Do you have questions about your home, auto or commercial insurance? 
Call Brockman Premier Insurance:
Local: 214-592-0859
Toll Free: 877-987-8683
or email: brian@brockmanpremier.com
Visit our website for great tips! www.wekeepuinsured.com

College students and insurance

This is an old post, but worth re-posting at this time of year...

IS INSURANCE NECESSARY FOR COLLEGE STUDENTS?

   So many preparations go into sending a child off to college. Applications and Acceptance letters, packing, tuition, dorms, text books, schedules. The list is endless. The cost can be frightening. Did insurance make your list of considerations? Is additional insurance even necessary? 
     You may not need additional insurance, but you should review your coverage. Believing your student and their property is covered when they are not can cost you quite a bit. Is the car covered so far from home? How about that new Laptop or iPad you sent with your student? What about their personal property in their dorm or apartment?   

Auto Insurance: Is your student taking the car with them to college? You will need to let your insurance company know the garaging zip code is changing for that car. It can change your rates, depending on where the student is taking the car. Many insurance companies give a discount if students leave the car at home while attending college over 100 miles away. Many also offer a good student discount to those who maintain a B average or better.
   

   Personal Property: These days it is not uncommon for students to keep thousands of dollars of electronic gadgets and toys in their Dorm room or apartment. Laptops, video games, bicycles and musical instruments among others, should be covered. These items are usually covered by the parents Home Owners policy but a Home owners policy often has a high deductible. So if one of these items is stolen, the value of the item may be below the deductible, therefore the insured would not receive a benefit of insurance. Renters Insurance can have a much lower deductible, as low as $100.  It can be an affordable alternative at $150-$200 a year.

   Health Insurance: Make sure you student is covered outside of your area/network. There are many other additional insurance policies you can discuss with your Insurance Agent such as Travel, Tuition and Life Insurance. They may or may not be necessary to your situation. Make sure. 

   Not knowing what your student is covered for can cost you thousands in replacement costs. And while insurance cannot give you piece of mind that your child will fair well out in the world, it will make sure their property is taken care of.  


Got more questions? Call us - we would love to help!
The Brockman Agency- toll free 1-877-987-8683