Did you know that only 37% of renters have renters insurance whereas 95% of homeowners have a homeowner’s insurance policy? Jocye Jackman & Bell Insurors want to keep all of our clients personal possessions covered regardless if your own your home or rent.
Renters Insurance covers more than just your laptop and furniture. Depending on your coverage Renters insurance can help you:
- Replace personal belongings in your home. This includes electronics, kitchen utensils, clothing, and linens.
- Cover you with Liability Insurance in the event someone sues you.
- And Additional Living Expenses incurred while you are out of your home due to a covered disaster.
Depending on your policy renters insurance can also cover business equipment if you run a business out of your home and protect your personal belongings when they are outside of your home. For example, property stolen from your car would be covered.
Understanding Your Renters Insurance Policy
Taking a few minutes to go over your renter’s insurance policy can save you a lot of trouble if you ever have to file a claim. Making sure you know what is covered and where you need to purchase additional insurance can save you a lot of time and headaches.
Know Your Replacement Coverage
There are two types of replacement coverage to choose from on most renters insurance policies.
1) Actual Cash Value Coverage: This policy pays to replace your belongings minus a deduction for depreciation.
2) Replacement Cost Policy: This policy will pay the cost of replacing your belongings without accounting for depreciation.
Depending on the age and value of your personal belongings might sway you one way or the other for replacement coverage options.
What Disasters Are Covered
Most Pennsylvania renter’s insurance policies cover against:
- And certain types of water damage (an example being when the renter upstairs accidentally leaves the water running flooding your apartment below).
You might have noticed regular Flood Insurance
protection and earthquakes are not on the list above. To learn more about how Jocye Jakeman & Bell Insurors can add these protections to your renters insurance by giving us a call at 866-421-7475.
Not All of Your Belongings Will Be Covered
If you have expensive jewelry, sports or musical equipment or collectibles these items may not be covered on your standard Renters Insurance Policy. To get these items covered from more than a limited dollar amount a separate policy can be purchased. This “floater” coverage can be tailored to protect your most prized possessions even if they are accidentally lost. Receipts and/or appraisals for such items might be mandatory for a floater policy.
Call Jocye Jakeman & Bell Insurors for all of your Renters Insurance Questions at 866-421-7475.