Monday, September 17, 2012

Renters Insurance- What Every Renter Should Know

Renters Insurance- What Every Renter Should Know | Gregg S. Marcus Blog

It is essential to obtain adequate insurance coverage, especially when it comes to renting a home or an apartment.  However, having adequate coverage does not mean emptying out your bank account.  There are plenty ways to obtain rental insurance and in this article, Long Island Insurance Executive Gregg S. Marcus  would like to advise you on what you should know.
Did you know that the landlord’s insurance policy only covers the structure of a building – not the items their tenants own? 
 Renters should think about this when they sign a lease and investigate their own insurance coverage.  You should consider a few things such as:
  • Personal Property Coverage – All individuals have different needs in order to protect their personal property.  It is recommended that you go room-by-room to determine how much you have and how much it’s all worth.  Make sure that things like jewelry, watches, laptops, TVs and electronics are listed and covered in your policy. Personal property coverage will also help protect a renter if their car is broken into and items are stolen.
  • Loss of Use rider – This will provide coverage for renters if they are unable to occupy the apartment for which they are paying rent.  It will enable you to stay at another location without incurring additional costs until you can re-inhabit your apartment
  • Replacement Cost Coverage vs. Actual cash Value – Replacement Cost Coverage will repair or replace items at the value it was when it was new.  Actual cash value will supply you with the value of the item at the time of loss.
  • Liability Coverage – This protects both the renter and the landlord.  For example, if you accidentally caused fire damage to your unit, the complex, or others property, and the court found you responsible, liability coverage would cover your legal defense costs as well as any damages you were held responsible for. Or if a person doesn’t want to sue you, but gets injured, the medical payments will be covered.  For example, if a visitor is bit by your dog or a person falls inside your apartment and sprains an ankle.

If you live in Nassau or Suffolk County in New York and are in need of a rental insurance quote, contact Gregg S. Marcus for a quote today!