Tenant Coverage

October 29, 2015 at 2:33 PM | Posted in Home, Insurance Claims, Insurance Policy, Personal Insurance, Personal Property, Regulations, Renters, Specialty Policy, tenant, tenant policy | Leave a comment
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While renting an apartment, a house or condominium, the dwelling or structure may not be your responsibility but you still have property to protect. The landlord does not carry any coverage on their property policy for you. A tenant policy is also known as HO4 policy, for the tenant who opts to buy coverage to protect their personal property and to obtain personal liability coverage. Most insurance carriers allow coverage as low as $20,000 for personal property and can be purchased for approximately $200 annually. A general guide to determine the amount of coverage needed is to multiply each full room by 10,000 and make necessary adjustments to that figure. Also keep in mind this is a property policy and makes you eligible for the account discount if you also write your auto policy with the same insurance carrier, or with an affiliated company. This policy could respond by replacing your household items, such as clothing and furniture, from loss caused by fire, theft or vandalism.

Ask yourself the following questions:

What if there is a fire in the building? Or if your apartment is vandalized or burglarized?

  • Could you afford to buy your own replacement items?
  • Could you also afford to relocate while building repairs are being made?

The police report will be on file, the fire department will extinguish the fire, but neither will replace your belongings.  If you had purchased a tenant policy in these scenarios, you would need to pay the policy deductible for a covered loss and would be eligible to replace your items up to the limit of coverage you had purchased.

Call us at (888) 850-9400 to obtain the annual rating of this valuable coverage.

Insurance Coverage for Property in Storage

June 18, 2015 at 12:00 PM | Posted in Home, Insurance Policy, Personal Insurance, Personal Property, Renters | Leave a comment
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According to the Self-Storage Association, 10.8 million people in the US rent a self-storage unit. If you are one of those people, have you ever considered whether or not you have insurance coverage for the property that you are storing? Have you made your insurance agent aware that you have a storage unit? Here is some information that may help you determine if you will have coverage should something happen to your stored property.

If you have a standard Homeowner or Renters insurance policy, you have coverage for personal property you own anywhere in the world. Therefore, the coverage would apply to the property that you have in storage. However, the coverage is different from the way it applies to the property in your home. Most policies will provide 10% to go towards “personal property at another location” out of the total amount of coverage that you have for personal property. So if you have a total of $100,000 for personal property, you only have $10,000 for the property in the storage unit.

One type of personal property that will never be covered by a Homeowner or Renters policy is a vehicle. If you are storing a car, ATV, motorcycle, etc. there would not be coverage. The only exceptions are a vehicle in “dead” storage, a vehicle used to service your residence (ride on lawn mower), or a vehicle designed to assist the handicapped (motorized wheel chair). All other vehicles require a separate type of policy.

The bottom line is, you can be covered in most cases by a standard Homeowner or Renters insurance policy and other types of policies are available to purchase. If you have a storage unit and want to make sure that you have adequate coverage for your situation, contact us today and we will review your insurance coverage with you at 888-850-9400.

The Real Value of a Renters Policy

October 1, 2014 at 4:08 PM | Posted in Home, Renters | Leave a comment
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Winter is coming quick and if you rent, you can’t afford to be without Renters insurance. A renters policy costs as little as $4.00 a week and the benefits of the policy far outweigh this cost. A renters policy includes the following valuable coverage in the event of a loss such as fire, theft, vandalism or water damage:

Contents Coverage: Not only will a renters policy replace your belongings but it will provide you with an immediate relief check after a major loss to replace essential items and restore family basics (i.e. clothing, identification cards, keys etc…) so you can return to your work or school routines quickly. Without a renters policy in place you would have to seek help from friends, family and government organizations.

Loss of Use Coverage: It pays for the increased expenses to temporarily relocate while repairs are made to the space you rent.

Liability Protection: If you are responsible for someone’s injuries, the liability portion would pay for your legal defense in a lawsuit as well as any judgment made against you up to the limit you choose.

If you are renting, lack of maintenance by your landlord or irresponsible actions by other Tenants in your building can cause you to suffer a loss. You can take control and secure your piece of mind by obtaining a renters policy today!

Do you have Renters Insurance?

January 15, 2014 at 9:39 AM | Posted in Home, Insurance Policy, Personal Property, Renters | Leave a comment
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In our last blog post, we suggested ways to prevent frozen pipes and what to do if a pipe freezes.  If you own your home, most likely you have homeowners insurance to cover any damage due to a burst pipe, but what if you rent? Your landlord’s insurance policy will NOT cover your personal belongings.

The following are some coverages that are included in a renters policy that are not covered by your landlord’s insurance:

  • Coverage for your personal belongings, including emergency expense money to replace clothing, keys, and documentation such as licenses immediately after a covered loss.
  • Liability coverage for defense costs for any bodily injury suits brought against you or a household member.
  • Medical payments coverage for medical costs for any injury occurring on your rented premises.
  • Loss of use coverage in case you can’t live in the space you rent due to a large loss such as major water damage, fire etc.

Typically, as temperatures drop even lower in the months of January and February, we see a lot of weather related losses. Frozen pipes and ice dams are the most frequent and can cause thousands of dollars in damage. If you don’t have a renters policy in place, now would be the time to get one.  They cost so little and cover so much.

For more information contact Protector Group at 1-888-850-9400.

Tenant Insurance – Protect Your Personal Property

September 26, 2012 at 9:42 AM | Posted in Home, Identity Theft, Insurance Policy, Personal Insurance, Personal Property, Renters, Specialty Policy | Leave a comment
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When you rent, as a tenant your personal possessions are your most valuable assets. Without Tenant’s Insurance your valuables are not covered for repairs or replacement in the event of a loss such as fire or theft. Most people don’t realize that a landlord’s insurance policy does not provide coverage for a tenant’s personal property.

For a minimal premium, a basic Tenant Insurance policy provides the following coverage:

  • Furniture, clothing, appliances, and many other personal items are covered on an actual cash value basis (at the depreciated value).
  • Personal property is covered while you are traveling.
  • Additional living expenses are covered when you have to temporarily relocate during repairs.
  • Necessary improvements to the rental unit may be covered.
  • Personal Liability Coverage provides protection for you and your family against bodily injury or property damage claims brought against you. The company will defend you against all liability suits, even when they are false or groundless.
  • Medical Payments to Others pays non-household members that are unintentionally injured by you, a family member, or a pet on your property.

For an additional premium, there is optional coverage you can add to your Tenant Insurance policy. These include, but are not limited to, the following endorsements:

  • Contents Replacement Cost – allows you to repair or replace most items with no reduction for depreciation.
  • Scheduled Items – provides broader coverage for special property such as jewelry, furs, silverware, fine arts, cameras, guns, and musical instruments, etc.
  • Identity Theft Coverage.
  • Earthquake Coverage.

After a loss, the task of starting over can be devastating. Remember to document your valuables, keeping receipts, photos, or videos in a safe and secure location. By purchasing Tenant Insurance, you can be sure that you are protected – before it’s too late.

Renters Insurance – Protection for Tenants AND Landlords

March 21, 2012 at 9:12 AM | Posted in Home, Insurance Policy, Personal Insurance, Personal Property, Renters | Leave a comment
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If you are a landlord, there is no coverage for the personal property or personal liability of tenants under your property policy. That’s why many landlords are now requiring all tenants to purchase Renters Insurance.

A basic renters policy provides coverage that would help protect both you and your tenants:

  • Personal Property – Covers the personal property of your tenants.
  • Loss of Use – Provides additional living expenses for your tenant if they have to temporarily relocate due to a covered loss. This will help keep a good tenant from finding another permanent rental while repairs are being made.
  • Personal Liability – Responds to situations where the tenant is legally liable for bodily injury or property damage of others. The renters policy would respond first for a liability claim, potentially keeping you out of the suit.
  • Medical Payments to Others – Pays expenses incurred by non-household members unintentionally injured by your tenant or a pet on their property to prevent the claimant from filing a lawsuit for medical bills.

An annual Renters policy can be as little as $150 a year!  A premium this small can be worked into a lease, and will pay you and your tenants back with assurance and protection.

Encourage your tenants to contact us today for a no obligation quote at 1-888-850-9400.

Best Wishes for a Happy and Prosperous New Year!

December 28, 2011 at 11:00 AM | Posted in Home, Identity Theft, Insurance Policy, Motorcycle, Personal Insurance, Personal Property, Renters, Travel Insurance | Leave a comment
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We at Protector Group would like to take this opportunity to thank you for your continued partnership. May the new year be filled with much joy, happiness, and success. We look forward to working with you in the coming year and hope our relationship continues for many years to come.
Happy Holidays!

Coverage for Your College Students

August 17, 2011 at 9:31 AM | Posted in Auto, Home, Personal Insurance, Personal Property, Renters | 1 Comment
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Sending your children off to college is an exciting time. Whether they are attending school across the country or staying local, there is much to do to prepare. Here are some common questions our customers have when their children are getting ready to go off to college.

  • My child is bringing a vehicle to school with them. Do I need to do anything?
    Yes, notify your agent to change the garaging of the vehicle to the town they will be living in while at school to ensure coverage in the event of a loss. Don’t forget to call them to change the garaging back when the child is out of school or home for long periods of time.
  • My child is not bringing a vehicle to school with them. Can I take them off my policy while they are away?
    We advise you not to delete or exclude your child from your policy as an operator because some of your liability coverage will follow them if they operate anyone else’s vehicle. You can’t know the coverage choices the owner of another vehicle has made but you can be sure your child has the liability coverage you chose. If they are going to school more than 100 miles away there is a discount you can add to your policy to offset some of the cost. If they are a good student (B or better average) they may also be eligible for a good student discount. Also, if you have an umbrella policy, it will require that all household members be listed on your auto policy.
  • Will the personal belongings my child brings to the dorm be covered?
    If you have a home, condo, or tenants policy on your primary residence, there is a 10% limit of your contents coverage for property away from premises, including your child’s dorm room. The contents are covered for the same causes of loss as your contents at home (fire, theft, vandalism, etc.) and your deductible applies. However, you may want to schedule limited items like computers/electronics on your primary home policy. By scheduling these items, they will be covered for more causes of loss such as dropping and spilled liquids. Call your agent to discuss other limitations on contents that may affect your child’s coverage.

You’ll have enough to do preparing for this change. Call us at 888-850-9400 and we’ll help eliminate the worry of whether or not you have the proper protection in place.

Do You Have a Home-Based Business?

July 27, 2011 at 9:12 AM | Posted in Home, Renters | Leave a comment
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Whether you rent or own, your home or condo policy is not designed to cover any business exposures. A basic un-endorsed home policy only provides limited coverage for business property such as a desk, computer, etc. If you sell products out of your home such as beauty products, plants and vegetables, have frequent yard sales, or perform services such as babysitting, you need more coverage than your home policy currently provides.

Depending on your situation and the scale of the business you operate from your home, there may be some additional coverage available for you to purchase on your home or condo policy:

  • Incidental Occupancies – Provides liability and medical payments coverage arising out of your business. If you have a business that you operate out of your home that is incidental to the use of the premises as a dwelling and is not your primary source of income, this coverage may work for you.
  • Day Care Coverage – Provides coverage for liability arising out of the operation of a day care in the home.
  • Incidental Farming Personal Liability – Provides coverage for the liability of the insured when farming is conducted on the premises that is incidental to the use of the premises as a dwelling, and the income from the farming operations is not the primary income.

If you have business inventory; are in the care, custody, or control of the property of others; or the business in your home is your primary source of income, you should secure a business policy. Some of the coverages you may need are: Liability to Others, Damage to Property of Others, Inventory of Business Products, and Business Interruption Coverage.

Don’t wait until after a claim to get coverage for your business. If you are not sure of what you need, call us at 1-888-850-9400 to discuss the options that best fit your needs.

Is Your Yard A Tempting Oasis?

May 25, 2011 at 9:57 AM | Posted in Home, Renters | Leave a comment
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We are all trying to create the perfect get-a-way right in our own backyards. The financial adjustments we make today include less travel and more “stay-cations,” and our home and yard improvements illustrate that well. Whether you rent or own, if you have made certain enhancements to your home and yard, you’ll want to consider the following:

  • Pets, trampolines, pools, and ponds could invite trouble without you even knowing it, especially if you have unexpected visitors in your yard while you are at work or on vacation. Should someone come into your yard and get injured, your policy will respond even if they were trespassing.
  • Pools – Insurance companies require locking access to entrances, ladders, and fences. Most insurance companies will not allow a diving board or slide, as back yard pools usually are not deep enough to prevent bodily injury. Even a kiddie pool could be a risk – make sure it is drained when not in use. Since pools are exposed to the elements, especially weight of ice and snow, they are excluded from physical damage coverage except if an object falls on it.
  • Pets – Whether you have bunnies, dogs, or chickens, kids (young and old) are attracted to animals. Make sure your animals are secure and not left unattended.
  • Trampolines – There are very few companies that will cover a home with a trampoline. If there is coverage provided you will be required to have safety netting around it.
  • Tree houses – They are a lot of fun! Take extra care to be sure no one can get into your tree house while you are not there.

We encourage you to evaluate all potential exposures you may have in and around your yard, and ask that you call us at 888-850-9400 to make certain you are properly covered.

Policy Note: Make sure you have at least $500,000 liability on your homeowner, condo, or tenant policy. For even better coverage, consider purchasing an inexpensive excess liability policy which will cover you for worldwide liability exposure in increments of $1,000,000.

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