Tags: checklist, claims, contents, coverage limits, home, homeowner, insurance, personal property, protection, renter, renters, safety, safety tips
Why is taking inventory of your Personal Property so important?
If your home was destroyed, or a theft occurred, could you compile a complete list of your personal property from memory? Most people couldn’t; WHY? Maybe because they’d be too devastated by the loss itself to be able to write down all that was destroyed. Or maybe because after a lot of years, it’s hard to keep track of what one owns! Compiling a complete list is something you’d be asked to do at the time of filing your claim.
We know that putting a dollar value on possessions you’ve accumulated over many years is difficult and that only you can decide the extent of your insurance needs. However, if the unthinkable happened, would you have enough coverage for everything? Your Personal Property Inventory serves two important functions:
- as a valuable record of your possessions
- as a way for you to judge the adequacy of your present coverage – do you have enough?
The inventory list should be stored somewhere safe, preferably away from your home. Our suggestion would be to take a video of each room in your home and store that video off premises – a relative’s home, safety deposit box, etc. Then if the worst happened, it would be available at the time you report your loss.
Benefits of a Home Inventory
Obtaining a comprehensive home inventory:
- Ensures you have the necessary amount of insurance coverage.
- Identifies items—such as jewelry, coins, antiques, artwork, and silverware—that have limited coverage on a home or tenant policy and helps to determine if additional insurance is needed for those items.
The decision can then be made to purchase additional coverage (known as a “rider”) so the items will be insured for their full value. This then…
- Allows an evaluation on whether to insure your property and contents at “replacement cost” or “actual cash value.” Replacement cost is the amount it takes to replace or repair your home and possessions with materials of similar quality. Actual cash value is a lower amount that consists of replacement cost less depreciation.
- Verifies the condition of your assets before moving or placing them in storage in case of loss or damage.
So break out your camera and say action!
Don’t be caught “underinsured” and/or unable to remember what you own. Call us today to discuss your homeowners or renters insurance policy, and find out what you need to ensure you’re protected in case of loss at our toll free number: 888-850-9400.
Tags: claims, contents, coverage, coverage limits, covered damages, deductible, insurance, insurance policy, renter, renters, renters insurance
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.
Tags: home, insurance, renter, renters
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!
Tags: auto, insurance, renter, renters, seasonal, Vehicle insurance
Do your summer plans involve renting a vehicle? Whether it is a U-Haul truck, motor home, party van, or a passenger car while on vacation, you should know if your personal auto insurance policy will cover the rented vehicle.
Here are some scenarios you may want to think about before renting:
U-Haul Trucks – Your personal auto policy will not cover this type of vehicle. The vehicle you rent must be similar to the vehicle you insure on your policy in order to be covered. If the rental agent offers insurance coverage you should take it.
Party Van – These types of vans or small buses usually hold 12 or more people. If it does not meet the description of a private passenger auto then it is not covered under your policy.
Motor Homes – They are not covered under your personal auto policy unless you own a motor home and it is listed on your policy as a covered vehicle. If you need to rent a replacement motor home, the carrier will usually extend some coverage to the rental. Check with your agent to be sure.
Private Passenger Vehicle – If you are renting a private passenger vehicle, the coverage from your personal auto policy will extend to the rental. However, your auto policy only covers physical damage for actual cash value. The rental agency will hold you responsible for full replacement value of the vehicle should there be a loss. Some insurance companies are now offering that coverage for rental vehicles as an endorsement to your personal auto policy. Check with your agent to see if you can add it to your policy for year round coverage, rather than paying the daily insurance price at the rental agency rate.
No matter what type of vehicle you plan on renting, it is a good idea to check with your agent to make sure you know how your personal auto policy will respond before you sign the rental agreement.
Tags: apartment, contents, home, insurance, protection, renter, renters, tenant, valuables
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.
Tags: auto, coverage limits, home, homeowner, insurance, liability, Liability insurance, personal property, protection, renter, renters, Umbrella insurance, Vehicle insurance
If you plan on hosting or attending holiday parties, now is a good time to review the liability limits on your personal policies. In addition to providing you a specified limit of liability, the coverage also covers the cost of your legal defense, which in most cases is as much if not more than the settlement itself.
Depending on your situation, here are some liability coverage options you should consider:
- If you rent, you need a renters policy. Liability is one of the coverages automatically included in this policy. You pick the limit and depending on the limits you choose, the cost is usually less than $20 a month for the policy. Your landlord’s home policy will NOT cover you or your belongings.
- If you own your home or condo, check the limit of liability on your homeowner policy. If you are carrying the average of $300,000, the cost to increase it to $500,000 is usually less than $50 a year.
- A Personal Umbrella policy sits over your basic property and auto policies. It starts at $1,000,000, extends your liability above and beyond the basic limits, and covers you and your family members worldwide.
- Check the limits of liability on your auto policy as well. Bodily injury caused by an uninsured or underinsured auto will cover you and the occupants of your vehicle should you be hit by someone else. Bodily injury to others covers others you may injure if you are at fault. Both coverages are equally important throughout the year and especially now during this slippery winter season.
If you have any questions on your coverage or the options available to you call us at 1-888-850-9500.
We want to insure you have a safe and happy Holiday Season!
Tags: endorsement, home, homeowner, identity theft, liability, protection, renter
Identity theft is one of the fastest growing crimes in the country, costing millions in fraudulent transactions annually. Criminals can easily assume your name and steal your personal financial information to illegally obtain money, credit cards, loans, or property and then leave you to clean up the mess. Having your identity stolen can be an expensive and stressful situation. Identity theft coverage is offered by most insurance companies as optional coverage. Here is some of the protection you would receive by adding this endorsement to your home, condo, or tenant policy:
- Lost earnings due to court appearances, meetings with lawyers and creditors.
- Reasonable and customary legal fees for common legal issues resulting from identity theft.
- Preparing and notarizing documents, records, and affidavits for credit bureaus, financial institutions, and similar credit grantors and law enforcement agencies.
- Reapplication expenses for credit or loans or as a result of rejection due to incorrect credit records.
- Certified or overnight mailing expenses for mail to credit bureaus, financial institutions, and law enforcement agencies.
Adding identity theft coverage to your home policy won’t stop someone from stealing your identity, but it will make it much easier and less expensive to get your affairs back on track if it does happen to you.
Call us at 888-850-9400 if you are interested in learning more about adding this coverage to your policy.
Tags: collections, contents, endorsement, fine arts, home, homeowner, jewelry, personal property, protection, renter, renters, tenant, valuables
It is a fresh start to a New Year!
One resolution everyone should make, and keep, is to take an inventory of the items in your home after the hustle and bustle of the holidays. If you already have one, make sure you update it with any new items you may have purchased or received.
You can sign up for free inventory software from the Insurance Information Institute at www.knowyourstuff.org.
Don’t forget to advise us of any new items you may want to schedule on your homeowners, condo, or renters policy such as jewelry, golf clubs, musical instruments, etc…
Tags: collections, contents, endorsement, fine arts, home, jewelry, liability, personal property, protection, renter, renters, tenant, valuables
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.
Tags: checklist, contents, personal property, protection, renter, renters
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.