F A Q ís
1. †Why do I need Renterís Insurance?
When you rent a home, apartment, etc. you need a renterís policy to have coverage for your personal property, which includes furniture, clothing, dishes, electronic equipment, etc.† They policy would replace these items for you if they are destroyed or damaged from water, fire, or wind storm (tornado). If someone vandalizes your stuff or steals it, your renters policy will cover that as well.
2. †How do I know how much coverage I need?
You should take a few minutes and look around at your personal property, taking notes if necessary, to determine how much value to place on the total of the property.† An insurance agent may be able to help you determine just how much personal property coverage you need, as well as how much liability coverage you should carry.
3. †Do I include jewelry items, guns or silverware in my coverage limit?
These items are automatically included on the renterís policy however the limits and the losses insured against are very restricted.† In order to properly cover these items, they should be listed (or scheduled) on the policy, in addition to the basic policy coverage limit for the personal property.† This offers a much broader coverage on the items, and also increases the perils they are insurance against.
4. †How do I get the policy started?
You should contact an insurance agent to request a renterís policy.† The agent will take your personal information and ask you to provide the amount of coverage you wish to carry on the policy.† Usually, you will need to visit the agentís office to sign the application and pay the policy down payment (if necessary) to put the coverage in force.† Many of these policies can be set up on monthly bill plans to make it easier to include in your budget.† The agent will be able to advise you on your payment options.
5. †What happens if I need to move after the policy is in force?
Many people do not realize that most companies will allow you to transfer your insurance coverage from one residence location to another on a renterís policy. This means you would not have to cancel the policy simply because you leave your current location.† Changes may be made to the location address to reflect the new residence without interruption of the policy coverage.† Notify your agent if you are† moving to another location, and the change can be made so that you do not lose coverage on your personal property.