Checklist For Renters Insurance In Killeen, TX

by Administrator 5. December 2014 10:31

It is very important for tenants to apply and obtain renters insurance as it provides coverage for personal possessions, liability protection and additional living expenses of the renter.  Renters insurance is an important financial protection for the tenant and his belongings in case of the crisis, theft or a natural calamity.

Some of the things that should be kept in mind while choosing a renters insurance are given below:

Regarding coverage for personal possessions

  • Determining the value of insurance: A list of the renter’s possessions and their estimates value would help in determining the value of insurance that needs to be bought.
  • Replacement cost vs  Actual cash value coverage: Replacement cost policy pays for the replacement of the lodger’s belongings. The actual cash value coverage takes depreciation into account as well. The replacement policy is usually 10% higher than the actual cost policy.
  • Scope of renters insurance: Floods and earthquakes are the only disasters that are not covered under renters insurance. The tenants have the option of getting a separate policy or have it validated to the renters policy.
  • Concept of deductibles: Deductibles are amount paid before the insurance kicks in. The monthly premiums of varying amounts are available depending upon the individual’s convenience.
  • Addition of floater: As most policies provide protection only to a certain limit it becomes imperative that a floater is added to the policy for providing adequate protection to the valuables.

Regarding Liability protection

  • Against legal suits: Renters Insurance provides protection in case of a legal action against the tenant or his family member for injury or damage to the property. It will cover cost of fighting the legal battle and medical bills are also covered in the renters insurance.
  • Umbrella liability: It kicks in when the underlying liability is exhausted.  It is usually chosen when extra protection is needed and even covers defamation although certain conditions need to be fulfilled before the policy is activated.
  • Additional Living Expenses: Under this provision the policy provides an additional living expense in case the renter’s home is destroyed forcing him to stay somewhere else.

Other coverage

It does not cover for off premises damage.

Discounts

  • The renter can get discount in case there is another policy with the insurance agency. The presence of security system, smoke detectors etc. entitles the tenant to additional discounts.
  • With the insurance companies offering various discounts, having a renters insurance is a sound decision that a tenant should make.

We, at Shawn Camp Insurance Agency, Inc, help you choose the most suitable renter’s insurance policiy. For more information, call at (254) 526-0535 or visit us at 2705 E. Stan Schlueter Loop, Suite 101 Killeen, Texas 76542.

Tags: ,

Tag cloud

Month List