VRP wants to discuss Renters’ Insurance Needs

     Those who rent out property or live in apartments have it lucky. There is a renters policy designed especially for tenants.  Most insurance companies commonly use renters insurance to protect a tenants assets and belongings.  The policy usually covers possessions for common causes of loss, additional living expenses related to making other living arrangements, medical expenses for treating people insured on your property, and of course, lawsuits!  What a renters’ policy will typically protect is the tenant’s investment in improvements to the rented out living space, made at their own expense (ex. built in shelves).

What is covered?

  • Property Coverage– Protection under a standard renters’ policy is on an actual cash value basis (the cost to replace with a new, similar item, less depreciation). For an example, John’s kitchen goes up in flames and his three year old refrigerator is destroyed.  A newer model of his refrigerator costs $750 and his insurance company pays him $362, explaining that it’s the effect of three years of deteriorating value.
  • Theft Limitations- There is limited coverage available for items such as jewelry, furs, gems, gold, silverware, money, securities, accessories, etc., being that certain types of property are vulnerable to being stolen. Additional coverage may be added to the tenant policy for any further protection.
  • Additional Living Expenses- Typically, a tenant policy provides a limit equal to 20% of your contents insurance limit. Ex.) If your contents limit is $15,000, then your additional living expenses will be $3,000.
  • Liability Coverage- Injury you cause to others and for damage to property that belongs to others will be covered. If necessary, the policy also provides for the cost of a lawyer and most court costs.

If you have any questions about your existing policy, are inquiring information about a possible future policy or need further information, please call us at (631) 738-7300 or get a quick quote at www.vrpinsurance.com

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April 2nd, 2013 by VRP Insurance Agency