Your landlord’s insurance does not cover your personal property. Clothes, jewelry, stereos, televisions, computers, furniture, artwork and other valuable possessions are not protected against loss or destruction unless you arrange coverage through a renters or tenants insurance policy.
The fact is, tenants need special insurance to protect themselves from the loss of their belongings as well their own personal liability, the loss of use of their apartment if there is a fire and for other situations that may arise.
While there are insurance agents and carriers that recommend minimum levels of protection it is our belief that for the small amounts of premium saved if any you are better served purchasing a more sophisticated insurance program.
Some basics and why our policies are better from the start:
A) Property is covered for a basic limit of $50,000 for damages arising from perils named in your policy such as fire, water damage, theft, explosion and more. Coverage is included in a way that allows you to replace your lost property with new items. Note: Most policies prove actual cash value “ACV” for your lost goods, which means you get the depreciated value or almost nothing for most cloths and furniture unless those items are quite new. We are including “replacement cost” coverage. There is a $500 deductable.
There are specific limits on the theft of certain types of property such as jewelry, money and securities, water craft, firearms, etc. We will give you a proposal describing the coverage’s in more detail. There is some credit card coverage and damages to building improvements and betterment’s or installations you made to your rental home at your own expense will be covered as well up to the policy limits.
B) Loss of use is the extra expense you incur while staying at a temporary location if your rental home becomes uninhabitable. While most policies allow a limited dollar amount for this coverage our program is not limited in the traditional manner and is far broader…
C) Personal Liability coverage insures you for claims involving damages for which you are held liable. Our program starts with a $500,000 limit. Excess limits are available and highly recommended as a result of the high number of lawsuits today and the awards. Excess limits are available to and often increased to $5 Million.
D) Non Owned and Hired Car coverage including Physical Damage to Hired Cars is an exciting addition to the program we are offering and is only available through the Lewis Chester’s Tenants Policy and when the insured owns no Automobiles of their own.