Renter/Tenant

by admin in Uncategorized at March 10, 2011

If you are a renter or a tenant in Grand Prairie, Irving, Arlington or Mansfield it is crucial that you secure some sort of insurance for your personal property. Like everyone else, we own clothes, electronics and furniture. These are just the basics. If you are renting an apartment or a home and do not procure any coverage on your personal property, you will lose all of it in case of a loss.

One of my long-term auto clients decided to buy Renter’s Insurance coverage with me say 6 months ago. Sure enough, the week after she bought the coverage, her apartment was broken into. Luckily, the week before she decided to purchase $15,000 worth of personal property coverage. This cost her about $120 for the whole year. After a police report was made, she was reimbursed for things like her daughters laptop for school (in which she was home form University of Texas for the weekend), television, and clothes. Her initial check was for all those items after they are depreciated. After she purchased  new items, she submitted her receipts to the claims department and since she purchased “replacement cost” on her policy, she was given additional monies to cover for new property. For a meager $120, she was able to save her thousands form the loss that occurred.

Understand that this coverage applies to any of your personal property, even if it is not on the premises. In the world we live in, your vehicle is likely to get broken into. If you have Renter’s Insurance in place, all of your personal property lost in the theft would be covered as well, even if it off the premises of your residence. Beyond just the personal property, the renters coverage protects against liability as well as loss of use. Liability is something you will always appreciate having. The “loss of use” coverage is a dollar amount that you can use to establish residence if yours in uninhabitable due to a loss.