Renter’s Insurance Nashville TN
If you rent a house or apartment and think that the landlord is financially responsible when there is a fire, theft or other catastrophe, think again.
Your landlord may have insurance to protect the building you live in. But the landlord’s policy will not replace your personal belongings or pay for your living expenses while the building is being repaired.
The only way to protect yourself financially against disasters is to purchase a tenant insurance policy.
Renters insurance, sometimes referred to as renters insurance, includes three basic types of protection:
- Personal Possessions
- Liability
- Additional living expenses
- Personal Possessions
Standard tenant insurance protects your personal belongings against damage caused by fire, smoke, lightning, vandalism, theft, explosion, windstorm, water and other disasters listed in the policy. Floods and earthquakes are not covered. Supplemental insurance is available to cover these disasters.
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To decide how much insurance to buy, you need to know the value of all your personal belongings, including furniture, clothing, electronics, appliances, kitchen utensils, and even towels and bedding. In other words, if your house burns down, you should have enough insurance to replace all of your possessions.
The easiest way to calculate how much insurance coverage to buy is to create a home inventory (a detailed list of all your personal possessions, with their estimated value). An updated home inventory will also make filing an insurance claim quicker and easier.
Liability
Standard tenant insurance policies provide liability protection against claims for bodily injury or property damage that you or your family members cause to others. You also pay for the damage your pets cause. So, for example, if your son, daughter or dog accidentally ruins your neighbor’s expensive carpet, you will be covered. However, if your children or pets destroy your own carpet, you will not be covered.
The liability portion of a tenant policy pays both the cost of defending you in court and the cost of court judgments, up to the policy limit. Some experts recommend that you buy at least $300,000 in protection. You can also purchase an Umbrella or Excessive Liability policy, which provides higher limits and broader coverage. Generally, general policies cost between $200 and $350 per year for an additional one million dollars of liability protection.
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Your policy also provides no-fault medical coverage. So, if a friend or neighbor is injured at home, you can submit your medical bills directly to your insurance company. Generally, you can get between $1,000 and $5,000 of this coverage. However, you do not pay the medical bills for your own family or your pet.
Additional Living Expenses
Many people don’t know that Additional Living Expenses coverage, also known as ALE, is included in a renters insurance policy. If your home is destroyed by a disaster covered by your policy and you need to live elsewhere, renters insurance covers your additional expenses. Policies will generally reimburse you for the difference between your additional living expenses and your normal living expenses. AmeriAgency covers hotel bills, temporary rentals, restaurant meals and other expenses you incur while your home is being rebuilt.
Renter’s Insurance Nashville TN – There are two types of tenant insurance policies:
Actual Cash Value pays to replace your possessions minus a depreciation amount (the reduction in the value of items due to age and use) up to the limit of your policy.
Replacement Cost pays the actual cost of replacing your possessions (no depreciation deduction), up to your policy limit. The price of Replacement Cost coverage is approximately 10 percent more than Actual Cash Value coverage, but it may be worth the additional cost.
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For more information, call us at 1-888-851-5572. If you would like to receive a fast and free quote, visit us on our webpage!