Every single one of us at some point or another has rented an apartment, and chances are, that at some time you were a renter without renter’s insurance. Renter’s insurance is a concept that many people don’t even think about. But, in spite of this, renter’s insurance is exceptionally important and can be a huge factor in saving yourself huge amounts of money. There are a number of different types of renter’s insurance as well as a number of companies that offer renter’s insurance.
Read on to discover why renter’s insurance is so important, what a typical renter’s insurance policy looks like, and how you can get renter’s insurance today.
What Is Renter’s Insurance?
Usually the first time people consider getting themselves some time of insurance other than health insurance is when they are looking into buying a car or a home. While these types of insurance are pretty much necessary, renter’s insurance is equally as important. Renter’s insurance is an insurance policy you basically are taking out on your personal possessions when you are renting a residence.
Renter’s insurance will not only protect your personal items, but can also help in providing temporary housing for you in the interim period after your residence has been damaged. Additionally, renters insurance will also cover liability or any damage you cause to other people or their property. Overall, renter’s insurance is a great way to protect yourself and your belongings before you actually own a home.
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Showing posts with label personal property. Show all posts
Showing posts with label personal property. Show all posts
Wednesday, May 25, 2011
Thursday, April 21, 2011
Gold’s Price Surge May Mean Your Jewelry Is Under-Insured
Gold prices have skyrocketed over the last decade, which means your jewelry may be under-insured if you haven’t had it appraised recently.
During a recent survey, 428 married women and found that more than half of them either had never had their engagement rings appraised or hadn’t done so in the prior 10 years. That could be a costly oversight if they lose or damage a piece, given that gold now sells for close to $1,500 an ounce, or more than six times the roughly $240 an ounce it brought 10 years ago, says the metals site, kitco.com.
Owners should take their pieces to a reputable jeweler for an updated appraisal, and should check their policies to see what their coverage limit is. He has seen some instances where the existing coverage wasn’t enough to pay for the full replacement cost of a piece of jewelry. So my question to you is: If you got married 20 years ago,is that limit still adequate?
The Insurance Information Institute, an industry group, says a homeowner’s insurance policy typically covers the theft of jewelry up to a set limit — $1,500 is standard — but usually doesn’t cover damage to the item, or loss. You can purchase additional protection at extra cost, by having the item “scheduled,” or itemized, on the policy. The extra coverage, often called a “floater,” also adds protection for damage or loss–including, say, accidentally washing your ring down the kitchen drain.
Scheduling the item on your homeowner’s policy or buying a specialty policy both require that you have the piece evaluated, or appraised. It’s a good idea to have jewelry inspected periodically anyway, to make sure clasps or prongs aren’t damaged, perhaps putting a gem at risk.
Have you recently had your jewelry appraised? Did you need to increase insurance coverage as a result? Call me for a free homeowners insurance consultation at 1-855-GET-SELECT (438-7353)
Steve Ludwig
President/CEO
Select Insurance Group
During a recent survey, 428 married women and found that more than half of them either had never had their engagement rings appraised or hadn’t done so in the prior 10 years. That could be a costly oversight if they lose or damage a piece, given that gold now sells for close to $1,500 an ounce, or more than six times the roughly $240 an ounce it brought 10 years ago, says the metals site, kitco.com.
Owners should take their pieces to a reputable jeweler for an updated appraisal, and should check their policies to see what their coverage limit is. He has seen some instances where the existing coverage wasn’t enough to pay for the full replacement cost of a piece of jewelry. So my question to you is: If you got married 20 years ago,is that limit still adequate?
The Insurance Information Institute, an industry group, says a homeowner’s insurance policy typically covers the theft of jewelry up to a set limit — $1,500 is standard — but usually doesn’t cover damage to the item, or loss. You can purchase additional protection at extra cost, by having the item “scheduled,” or itemized, on the policy. The extra coverage, often called a “floater,” also adds protection for damage or loss–including, say, accidentally washing your ring down the kitchen drain.
Scheduling the item on your homeowner’s policy or buying a specialty policy both require that you have the piece evaluated, or appraised. It’s a good idea to have jewelry inspected periodically anyway, to make sure clasps or prongs aren’t damaged, perhaps putting a gem at risk.
Have you recently had your jewelry appraised? Did you need to increase insurance coverage as a result? Call me for a free homeowners insurance consultation at 1-855-GET-SELECT (438-7353)
Steve Ludwig
President/CEO
Select Insurance Group
Saturday, April 17, 2010
Renter's Insurance In a Nutshell: What You Need to Know
The last thing on your mind when renting a home or apartment is probably renter's insurance right? Renter's insurance can bring you a peace of mind that you are protected from life's unpredictable events. You may assume that you are covered under your landlord's insurance, but that is not always the case. Your landlord's insurance policy probably only covers damages to the actual building structure or anything attached to the structure (ex:gutters, awnings, roof, etc); not your actual possessions. Renter's insurance actually ensures that you can protect your own possession from a disastrous scenario.
Here is what you need to know about renter's insurance in a nutshell:
What is Renter's Insurance?
Renter's insurance typically covers the losses of your possessions. It is similar to homeowner's insurance except it does not include coverage of damage to the actual building you live (your landlord's worry).
It covers the costs of replacing personal items that are stolen, damaged, or destroyed. According to MSN Money, some of the types of disasters that are typically covered by renter's insurance are:
•Fire or lightning
•Windstorm or hail
•Explosion
•Riot or civil commotion
•Aircraft
•Vehicles
•Smoke
•Vandalism or malicious mischief
•Theft
•Damage by glass or safety-glazing material that is part of a building
•Volcanic eruption
•Falling objects
•Weight of ice, snow, or sleet
•Water-related damage from home utilities
•Electrical surge damage
Do take note that renter's insurance does not typically cover flood damage or earthquake damage.
What Does It Cover?
What renter's insurance covers varies. Your insurance will typically cover the following:
•Electronics
•Clothes
•Furniture
•Sports Equipment
•Appliances
•Jewelry
•Collectibles
Keep in mind that actual value coverage is vastly different than replacement value coverage. If you have an old sound system that you bought for a pretty penny back in 2000, it may not be worth much in actual value. If you have to replace that sound system, it will probably cost more. Make sure you know if you are covered for actual value versus replacement cost.
The one nice perk about renter's insurance is that it covers your possessions even if the damage occurs outside of home. Let's say you are outside and someone steals your wedding band. You are typically covered by renter's insurance.
It Protects You From Liability
Renter's insurance also often covers you from many types of liability -- such as someone getting injured in your home, damage you cause to another person't property (you mess up the neighbor's house), and housing costs if your own home becomes uninhabitable.
In the end, paying for renter's insurance is worth the hassle because it protects you from a host of bad things that no one can predict. It is one of those things that no one really thinks about, but when you are in a pinch, you are glad it is there.
Here is what you need to know about renter's insurance in a nutshell:
What is Renter's Insurance?
Renter's insurance typically covers the losses of your possessions. It is similar to homeowner's insurance except it does not include coverage of damage to the actual building you live (your landlord's worry).
It covers the costs of replacing personal items that are stolen, damaged, or destroyed. According to MSN Money, some of the types of disasters that are typically covered by renter's insurance are:
•Fire or lightning
•Windstorm or hail
•Explosion
•Riot or civil commotion
•Aircraft
•Vehicles
•Smoke
•Vandalism or malicious mischief
•Theft
•Damage by glass or safety-glazing material that is part of a building
•Volcanic eruption
•Falling objects
•Weight of ice, snow, or sleet
•Water-related damage from home utilities
•Electrical surge damage
Do take note that renter's insurance does not typically cover flood damage or earthquake damage.
What Does It Cover?
What renter's insurance covers varies. Your insurance will typically cover the following:
•Electronics
•Clothes
•Furniture
•Sports Equipment
•Appliances
•Jewelry
•Collectibles
Keep in mind that actual value coverage is vastly different than replacement value coverage. If you have an old sound system that you bought for a pretty penny back in 2000, it may not be worth much in actual value. If you have to replace that sound system, it will probably cost more. Make sure you know if you are covered for actual value versus replacement cost.
The one nice perk about renter's insurance is that it covers your possessions even if the damage occurs outside of home. Let's say you are outside and someone steals your wedding band. You are typically covered by renter's insurance.
It Protects You From Liability
Renter's insurance also often covers you from many types of liability -- such as someone getting injured in your home, damage you cause to another person't property (you mess up the neighbor's house), and housing costs if your own home becomes uninhabitable.
In the end, paying for renter's insurance is worth the hassle because it protects you from a host of bad things that no one can predict. It is one of those things that no one really thinks about, but when you are in a pinch, you are glad it is there.
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