We all work far too hard to risk the chance of losing everything so whether you are buying or renting, it is important that your personal belongings and financial liabilities are protected appropriately. Make sure you policy has both Content and Liability Coverage.
Before we get into the basics of a renter’s insurance policy, I believe it is important to understand there are two sides to ever rental property – 1) The Landlord 2) The Tenant.
Most landlords carry a basic dwelling policy that covers ONLY THE STRUCTURE (i.e. home, apartment, townhome) they own. It DOES NOT provide coverage for the tenant’s personal belongings. This type of policy allows the landlord to protect their investment in the event of a tornado or other natural disaster, but if it is determined you, the tenant, is found responsible for the loss (i.e. by fire, vandalism, or water damage), you could be sued by the landlord for the damages.
Although I agree it is important to protect your furniture, electronics, or children’s toys because of the emotional ties related to these items, but I believe the bigger risk comes in the form of a lawsuit against you. It is a good idea to have liability limits similar to or higher than the value of the dwelling you are living in.
Rental Policy - Standard Coverage for Most Companies:
Content Amount (Your Personal Belongings)
· You choose the amount of coverage based on the value of personal belongings you own. Typical coverage amounts range from $5,000 - $50,000 but can be higher if needed. You may think your couch, coffee table, sweaters, shoes, coats, TV, DVD and PC aren't worth a lot but the value of those items all add up.
* $25K and greater Farmers includes Replacement Value
* $25K and greater Farmers includes Replacement Value
· Personal property is covered anywhere in the world.
· Covers against property theft from your residence or auto. However, theft claims will remain on your record for 3 years. Because theft is so closely tied to insurance fraud, some companies will not write a home insurance policy for those that still have a theft claim on their record. Keep this in mind when considering the purchase of a home.
Liability
- In the event someone is injured on your property or you accidentally damage property that belongs to others (on or off premises), you could be held legally liable for the injury or damage to that person or property.
- Includes acts by your pets.
Medical Payments
- Pays medical costs for people (other than residents of your household) injured at your residence without having to make a Liability Claim.
Additional Living Expenses
· If you can't live in your rental property after a covered loss, we reimburse you for many of the additional cost of living in hotels, meals, etc.
Farmers Optional Coverage:
· Scheduled Personal Property
Scheduled and unscheduled coverage of important valuables is available
(i.e. wedding rings)
Scheduled and unscheduled coverage of important valuables is available
(i.e. wedding rings)
· Identity ShieldSM
State-of-the-art assistance in the resolution of identity theft events, advocacy services relating to the prevention of identity theft and replacement of certain important documents.
State-of-the-art assistance in the resolution of identity theft events, advocacy services relating to the prevention of identity theft and replacement of certain important documents.
Info Provided by:
Travis Menke
travis@afagency.com
AF Insurance Agency
Home - Renters - Landlord - Auto - Life - Umbrella - Commercial - Health – Specialties
RE/MAX North Associates
| Denton | Argyle | Hickory Creek | ||
| 3111 Unicorn Lake Blvd. | 100 Country Club Rd. | 3960 FM 2181 | ||
| Ste. 110 | Ste. 115 | Ste. 100 | ||
| Denton, TX 76210 | Argyle, TX 76226 | Hickory Creek, TX 75065 | ||
| Ph: 940-320-0400 | Ph: 940-464-7653 | Ph: 940-321-7653 | ||
| Fax: 940-349-9294 | Fax: 940-464-3907 | Fax: 940-321-3888 | ||
