martes, 10 de enero de 2017

What is renters Insurance?

At GUARDIAN INSURANCE AGENCY located in Fairburn, Lagrange and Norcross want to explain you all that you need to know about Renters Insurance:
Renters insurance provides financial reimbursement to cover the loss or destruction of your possessions when you rent a house or apartment.
If you purchase Renters insurance, your possessions are covered against losses from vandalism, lightning, fire or smoke, water damage (not including floods), theft, windstorm and explosion. Renters insurance covers your responsibility to other people injured at your home or elsewhere by you, a family member or your pet and pays legal defense costs if you are taken to court.
Renters insurance is important because your possessions are not protected by the landlord’s insurance policy. Landlord insurance covers damage to the building but does not protect your possessions.
Renters insurance can also cover temporary accommodations in the event that you have to live elsewhere while your rental is being repaired due to fire, smoke or water damage.

Types of renters insurance policies:

-Replacement Cost: Pays the actual cost of replacing your possessions (no deduction for depreciation) up to the limit of your policy.
-Actual Cash Value: Pays to replace your possessions minus a deduction for depreciation up to the limit of your policy.

Types of coverage:

-Personal property: Standard renters insurance protects your personal belongings against damage. The easiest way to figure out how much insurance coverage to buy is to create a home inventory (a detailed list of all of your personal possessions, with their estimated value). Typically a minimum of $2,500 worth of coverage
-Liability: Standard renters insurance policies provide liability protection against lawsuits for bodily injury or property, damage that you or your family members cause to other people. The liability portion of a renters policy pays for both the cost of defending you in court and for court awards, up to the limit of the policy. Liability limits generally start at about $100,000. Some experts recommend that you buy at least $300,000 worth of protection. 
-Additional Living Expenses: If your home is destroyed by a disaster that your policy covers and you need to live elsewhere, renters insurance covers your additional living expenses.
Covers hotel bills, temporary rentals, restaurant meals and other expenses you have incurred while your home is being rebuilt.

With either policy, you may want to consider purchasing a floater. A standard renters policy offers only limited coverage for items such as jewelry, silver, furs, etc. If you own property that exceeds these limits, it is recommended that you supplement your policy with a floater. A floater is a separate policy that provides additional insurance for your valuables and covers them for perils not included in your policy such as accidental loss.

At GUARDIAN INSURANCE AGENCY located in Fairburn, Lagrange and Norcross we can help you to find the best Renters Insurance!

For more Information contact us: (706) 884-5006 or (770) 969-5666

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