It happened again. A devastating fire destroyed an apartment complex. Countless families were left homeless, most escaping with just the shirts on their backs. But the tragedy didn't end there. Many of the tenants found themselves without renters insurance. The landlord had insurance coverage on the actual building, but that coverage did not extend to the tenants' property or possessions.
More and more people who rent are turning to R.L. Summers Insurance Agency for the special protection they need. That's because our renters insurance combines the following coverages in one, low-cost package. If you rent your home/apartment, you owe it to yourself to learn all about the important protection offered by renters insurance:
Personal property coverage
Optional property coverages
Personal liability protection
Additional living expenses
Improvements
Credit card and check forgery
Deductibles
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If at any time you have a question, need help or would like to see how much it would cost to insure your belongings with The R.L. Summers Insurance Agency, feel free to Get a Quote by calling 617-542-8432 or by clicking here to submit your contact information to us so we can service you.
Personal property coverage
While your landlord should have insurance coverage for the building in which you live, you need to be aware that that coverage does not extend to protect your personal possessions. Renters insurance provides protection for your furniture and personal possessions - at home or away from home - against damage from such hazards as fire, lightning, windstorm, hail, explosion, smoke, vandalism, and plumbing leakage. A renters policy also protects your property against practically every type of theft loss in your apartment or anywhere in the world.
This personal property coverage is also called contents coverage since it insures the contents of your apartment. You determine the value of your property and the renters premium is based on this amount. The Robert L. Summers Insurance Agency can help you if you have questions as to the amount of personal property coverage that's right for you.
Optional property coverages
Since each of us enjoys a unique lifestyle, you may require special coverages for your individual needs. The following coverages can be purchased separately:
- Contents Replacement Cost: pays full cost to repair or replace most personal property in your apartment with no deduction for depreciation.
- Valuable Items Plus: provides higher limits and worldwide protection for special property such as jewelry, silverware, fine art, furs, cameras, firearms, musical instruments, and home computers for an extended variety of losses.
- Additional Coverage Endorsement (ACE): extends protection or increases limits on special types of property (for example: jewelry, firearms, or silverware).
Personal liability protection
Stuff happens...and sometimes it's not always good. In the event that you are sued, your renter's personal liability protection helps to cover the associated legal costs and related damages.
Most renters policies provide $100,000 (minimum) of financial protection against liability claims and lawsuits brought by others for accidental bodily injury or damage to their property:
- while in your apartment
- caused by your personal activities, including most sports
- caused by your children or pets.
Liability protection also includes medical payments coverage. For example, Vermont Mutual will pay up to $1,000 per person -- regardless of your legal responsibility -- when an accident involves bodily injury to others. Higher amounts of coverage are available.
Additional living expenses
If you are forced out of your apartment by a covered hazard, Vermont Mutual pays you up to 20% of the contents coverage for necessary additional living expenses (hotel, meals, laundry, etc.) while your damaged apartment is being repaired.
Improvements
Many renters spend considerable time and money on alterations or redecorating. Under a renters policy, you may apply up to 10% of your contents coverage to repair or replace these damaged improvements.
Credit card and check forgery
Renters insurance automatically provides you with up to $1,000 of coverage (in most states) for losses resulting from forgery or any alteration made in connection with credit cards, automated teller cards, and checks used by you and your family.
Deductibles
A deductible is the amount of loss you agree to assume before your insurance coverage takes over. The higher your deductible, the lower the cost of your policy premium. The deductible applies to property losses only. Liability protection does not require a deductible.
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