Renters have special insurance requirements. At Mackoul & Associates, Inc., we will customize a program that meets your specific needs, such as:
1. Contents/Personal Property – Your personal belongings
Your furniture, clothes, contents and other personal items are covered if they are stolen or destroyed by fire, windstorms, burst pipes, or other insured perils.The best way to determine if this is enough coverage is to conduct a home inventory. Expensive items like jewelry, furs, silverware, antiques, collectibles and fine arts are covered, but coverage is very limited. To insure these items to their full value, purchase a floater and insure each item for its appraised value.
2. Loss of Use/Additional Living Expenses
This pays the additional costs of living away from your apartment due to damage from a fire, storm or other insured peril. It covers hotel bills, restaurant meals and other living expenses incurred while the apartment is being rebuilt. Coverage for additional living expenses differs from company to company. Many policies provide coverage for about 20% of the insurance on your contents You can increase this coverage for an additional premium. Some companies provide an unlimited amount of loss-of-use coverage.
3. Comprehensive Family Liability Coverage
Provides coverage for you against lawsuits for bodily injury or property damage that you or family members cause to other people. It also pays for damage caused by your pets. The liability portion of your policy pays for both the cost of defending you in court and any court awards—up to the limit of your policy. You are also covered not just in your apartment, but anywhere in the country. Liability limits range from $100,000 to $1,000,000; however, it is recommended that you maintain higher limits and have a personal umbrella as well. You can purchase an umbrella or excess liability policy which provides broader coverage, including claims against you for libel and slander, as well as higher liability limits. Generally, umbrella policies cost $200 to $350 for $1 million of additional liability protection.
4. Medical Payments
In the event a person is injured in your apartment, he or she can submit medical bills to your insurance company. This way, expenses are paid hopefully without a liability claim being filed against you. Limits are generally $1,000 to $5,000. It does not pay the medical bills for your family.