4 Common Questions About Renters Insurance, Answered

Renters insurance is one of the most commonly misunderstood and forgotten forms of insurance on the market today. But just because many renters overlook renters insurance doesn’t mean it doesn’t serve an important function. In fact, renters insurance is vital for protecting yourself and your property.

Given the relative obscurity of renters insurance, we thought we’d dedicate this post to answering some of the most common questions we receive about it.

  1. Are there a lot of different types of renters insurance to compare?
    Generally, no. While there is always an exception to the rule, most renters insurance plans are based on a standard model policy. That means that most policies will have similar prices and coverage somewhere between $20,000 and $30,000, although supplemental plans are available.
  2. Are family heirlooms and valuables covered
    Again, the answer is no more often than not, since items like diamond rings or precious paintings can really drive up the potential for financial loss in the event of a fire or a burglary. Accordingly, you will likely need to purchases supplemental insurance for the big ticket items
  3. Are natural disasters covered?
    Recent events might have you wondering if your insurance covers you in the case of a natural disaster. The answer is no. In fact, there is no such thing as private flood insurance in the U.S., although there is a government run program for those living in specific flood prone areas.
  4. Will the insurance company believe my claim?
    Generally speaking, insurance companies will be very understanding when you make a claim. That said, you should be aware that there is always the chance that insurance adjusters will be sent to verify your claim. In order to protect yourself, you should prepare an inventory list of all the items that you own with documentation as proof. In a 2015 I.I.I. survey, 52% of responding homeowners said that they kept such a list to better protect themselves in the case that making a claim was necessary.

Renters and condo insurance are important tools for protecting your home and your possessions. In the case that something happens, it will allow you to make a claim and recoup some of the losses you have suffered. Hopefully, this post has helped you understand this important safety net better.

If you have any questions about renters and home insurance, auto insurance, life insurance, or more, call our team today!

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