Renters Insurance

Check out the information below from the Insurance Information Institute to get the ins and outs of renters insurance:

Renters insurance provides financial protection against the loss or destruction of your possessions when you rent a house or apartment. While your landlord may be sympathetic to a burglary you have experienced or a fire caused by your iron, destruction or loss of your possessions is not usually covered by your landlord’s insurance. Because in most cases, renters insurance covers only the value of your belongings, not the physical building, the premium is relatively inexpensive.
By purchasing renters insurance, your possessions are covered against losses from fire or smoke, lightning, vandalism, theft, explosion, windstorm and water damage (not including floods). Like homeowners insurance, renters insurance also covers your responsibility to other people injured at your home or elsewhere by you, a family member or your pet and pays legal defense costs if you are taken to court.
Renters insurance covers your additional living expenses if you are unable to live in your apartment because of a fire or other covered peril. Most policies will reimburse you the difference between your additional living expenses and your normal living expenses but still may set limits as to the amount they will pay.
There are two types of renters insurance policies you may purchase:

1. Actual Cash Value – pays to replace your possessions minus a deduction for depreciation up to the limit of your policy
2. Replacement Cost – pays the actual cost of replacing your possessions (no deduction for depreciation) up to the limit of your policy

With either policy, you may want to consider purchasing a floater. A standard renters policy offers only limited coverage for items such as jewelry, silver, furs, etc. If you own property that exceeds these limits, it is recommended that you supplement your policy with a floater. A floater is a separate policy that provides additional insurance for your valuables and covers them for perils not included in your policy such as accidental loss.

Source:  http://www.iii.org/article/what-you-need-know-about-renters-insurance

Homeowner’s Insurance

Have questions about homeowner’s insurance?  Read this blog to get some answers!

What it covers:

Most home insurance policies will pay for damage to your home and possessions in the events of storms, fire, theft, or vandalism.  Home insurance also provides liability insurance if someone gets hurt on your property and decides to file a lawsuit.  Home insurance can also cover the cost of a hotel if you are temporarily displaced from your house.

What it doesn’t cover:

Standard policies have exclusions, including: earthquakes, power failure, war, nuclear hazard, government action, faulty zoning, bad repair or workmanship, and defective maintenance.  

Flooding and water damage are usually only covered in certain conditions.  As a rule of thumb, water from above - like a burst pipe in the ceiling - is covered.  But, water from below - like a backed up sewer - usually isn’t.  Be sure to talk to your insurance agent about the details of your policy.  You may want to consider purchasing supplemental coverage, based on your situation.

Shop around:

This is what Barry Insurance excels at!  We represent dozens of insurance companies, and can shop them all to compare prices and coverage to find you the best deal.  Finding a cheap rate is great, but also remember to take into consideration what the policy does and doesn’t cover, and the quality of the insurance company offering the policy.  Barry Insurance only represents quality insurance companies, so you can rest assured that you are in good hands with us.

How to lower your rates:

Did you know that having things like a working smoke detector and burglar alarms can lower your rates?  Preventative actions can reduce premiums in some cases.  Sometimes, by reducing your liability risks, you can qualify for lower rates.  

You may also be able to save money by bundling your other insurance policies, like car or life insurance, with your homeowner’s insurance.

Keep a record:

It’s important to document everything that occurs during a loss.  Write down the damages, and what you have done to help mitigate the damages.

In addition to saving receipts, contracts, and appraisals, document phone calls by writing down who you spoke to and when.  Don’t depend on your memory alone to remember all the details.

How jewelry is covered:

Jewelry is usually covered in a homeowner’s policy - but beware - it is typically only covered to a certain amount.  When you sign up for for homeowner's insurance, be sure to ask us about the limits.  If you own jewelry which has a value that exceeds the standard policy, you may want to consider buying supplemental insurance so that in case it is lost or stolen - you are covered 100%.  

Still have questions?  Give us a call or email and we will be happy to help!

Source:  legacylendinggroup.com

So What Insurance Do I Need, Anyway?

Insurance:  there’s a different kind for every color under the sun, and it can sometimes be overwhelming to try to figure out what you need, and what you don’t.  Here’s the basic question you need to ask yourself:

What would be difficult to replace if it was lost/stolen/destroyed today?

Start big, and work your way down from there.  Your house and car are good places to start.   Then think of other purchases that would be difficult to replace.  How about your (or your spouse’s) engagement ring?  

What about less tangible things, like your health, or your ability to work and take care of yourself.  What about your income for loved ones that would survive you in the event of your death.  What about loss of savings due to a lawsuit?

To help you sort out which kinds of insurance you do and don’t need,  in the coming weeks we will be featuring a blog series highlighting different types of insurance, what they do and don’t cover, and whether or not you need them.  So stay tuned!

In the meantime, below is an overview of types of insurance and what they cover:

Homeowner’s:  covers your damage to your home and property, and often includes coverage for injuries to non-residents who are injured on your property.  Homeowner’s policies can often include coverage for special high-value items (like engagement rings).  Talk to your insurance agent for details.

Renter’s:  covers your belongings located within a rental property, and damage to the rental property that you may be held liable for.

Auto:  liability insurance covers damage caused by your vehicle to the vehicles/property of others, and is required by law in order to register your vehicle.  Full coverage auto insurance covers liability, as well as damage to you or your vehicle/property caused by you or a third party, or a force of nature.

Health/Medical:  covers costs resulting from major medical events such as hospital stays, and may also cover part of the cost of doctor visits and prescription drugs, as well as procedures like vaccines and lab tests

Life: pays a sum of money to those left behind in the case of the death of the covered individual.  The sum can be used for anything, but is often used to help offset funeral costs and loss of income from the death.

Disability:  In the event that a covered individual is disabled and cannot work, disability insurance pays out monthly sums to replace part of the loss of income.

Dental:  covers routine dental visits, as well as dental procedures, up to a certain amount.

Vision:  covers visits to the optometrist, as well as prescription eyewear.

Long Term Care:  covers the cost of long-term in-home nursing care or costs incurred from the use of assisted living facilities such as nursing homes.

Accident:  provides extra coverage in the event of an accident, such as costs for emergency room visits, tests, and treatments that your regular health insurance doesn’t cover, as well as travel and lodging costs.

Cancer: provides extra coverage for doctor visits, hospital stays, and treatments resulting from cancerous illness.

Personal Umbrella Coverage:  provides extra coverage beyond homeowners and auto insurance for liability claims and lawsuits.

RV:  covers damage to (or caused by) your camper or motorhome and any trailers being pulled by the covered RV, as well as its drivers and passengers.

Motorcycle:  like auto insurance, motorcycle insurance covers damage to  (or caused by) your motorcycle and its drivers and passengers.

Still have questions about which insurance you do and don’t need?  Call or email us, and we’ll be glad to help you figure it out!