About Nancy Nicholson
Nancy Nicholson has spent more than 20 years in the insurance industry. She is an agent with Tri-County Insurance/Santa Clarita Insurance Services in California. She has a degree in Business Management and has been involved in the agency side of the business, has worked in the personal lines department, and is currently involved in sales. You can contact Nancy by calling Tri County Insurance at (818) 223-8383.
Apartment Renters Insurance
Apartment renters insurance is a specific form of property insurance for apartment dwellers. This type of policy protects your personal belongings and can also protect you from potential lawsuits if a visitor gets injured while visiting your apartment.
In this LoveToKnow interview, Nancy Nicholson, Insurance Expert reveals what apartment renters need to know about obtaining the best insurance for their needs.
What is apartment renters insurance?Renters insurance is a form of insurance that covers a policyholder’s belongings against perils such as fire, theft, wind and vandalism. It also provides personal liability coverage, which protects a person’s assets in the event they are found legally liable for injury to another person or another person’s property.Can apartment dwellers rely on the landlord’s insurance to cover damage to personal property?No! Landlords are not responsible for the contents of an individual’s apartment. It is the dwellers’ responsibility to protect their own belongings.Should apartment renters obtain additional insurance?If a renter has property such as jewelry, fine arts, et cetera with a specific appraised value then they should consider obtaining additional insurance. For example, a diamond ring may be valued at $10,000; however, under the renter’s policy there may be a sublimit of $3,000 or less. Obviously, this could pose a major problem should theft occur. Moreover, if the person loses the diamond, the loss may not be covered under the normal policy.Renters should consider specifically listing in their policy any valuable items with their value (called “scheduling”) so they can recover the full value of the item. It is best to discuss the options with your agent to make sure all items of value are properly insured.
How much can people expect to pay for renters insurance?
As with all types of property insurance, each case is unique. Costs will vary depending on a renter’s particular circumstances. A standard renter’s policy may cost anywhere from $300 or more annually, contingent upon numerous factors.
Is apartment renters insurance different from renters insurance for people who live in a home?
Renter’s policies cover the renter’s belongings. Moving into a single family home or an apartment, and you bring property with you. The only difference may be that in a single family residence you may have more belongings, if the home is larger than an apartment.
What are some of the best insurance companies offering this product?
Some of the insurance companies that provide excellent renters insurance include:
– Travelers
– Safeco
– Mercury
Can insurance brokers assist with getting this type of coverage?
Yes, and as a matter of fact, it is to your advantage to use a broker because brokers can shop the various companies for the best rate and personal fit for your needs.
How can apartment renters save money when obtaining this coverage?
Most companies provide you the option to package the renter’s policy with your auto insurance. This will provide you a multi-policy discount and oftentimes the savings will total up to the amount of the renter’s policy premium.
Is it a good idea for renters to keep an updated inventory of personal property?
Yes! Most people do not realize, and may be surprised at, how much “stuff” they own. Therefore it is always best to keep an inventory of all personal property. I recommend the renter take an inventory and take pictures and video of all their property.
It is also best to make copies of this information and file it away from the home in the event of a fire. This information will help both the renter and the insurance company when a claim is filed.
Tags: Renters Insurance
