Can you afford to replace all of those items right now?
What if a guest slips and falls in your apartment due to your negligence?
Do you have coverage for that? If your answer is, “My landlord covers that — it’s part of my rent”, that’s not necessarily true. Your landlord’s insurance only covers liability for which he or she is responsible. It doesn’t extend to your liability.
Fortunately, your renter’s policy provides liability coverage. So, if someone is injured in your apartment due to your negligence (maybe it was a rug they tripped over) and that person submits a claim or files a lawsuit against you, your renter’s policy will help protect you.
You should make sure you have enough insurance to replace all of your personal possessions in the event of a burglary, fire or other covered disaster. The easiest way to determine the value of all your personal possessions is to create a home inventory — a detailed list of all of your belongings along with their estimated value.
Actual cash value policies include a deduction for depreciation (that is, the idea that items lose value over time). Replacement cost coverage is pricier but can be well worth the extra expense if your belongings are damaged or destroyed (think about how much you’d get for your TV used versus how much it would actually cost to replace).
A deductible is an amount of money you responsible for paying before your insurance coverage. For example, if you have a $500 deductible and a fire destroys $5000 worth of furniture, the first $500 is your responsibility and your insurance company will cover $4500.
We work with a variety of carriers to ensure that they fit your needs. We understand that insurance truly matters when you need it the most, at the time of a claim so our goal here at Snyder Insurance is to make sure that you are properly covered and that in the event of a claim it’s handled quickly and seamlessly.
That’s why we have an entire team in-house dedicated to claims, they’re here for you to answer any questions and to help speed along the process.