How to Choose the Right Insurance Coverage for Your Needs
This type of policy is important, as many renters assume that their landlord’s property insurance will cover them if their apartment is flooded. While this is true in some cases, many rental property policies only cover the structure of a home, not the belongings inside. In other words, a landlord’s insurance will only reimburse tenants for the actual cash value of their furniture, electronics, clothing, and so on. Renters that need help replacing their valuables will need to obtain their own contents-only coverage through a separate provider.
As an agent, it is important to
educate your clients about the risks of flooding. A simple online search of
their address in a FEMA flood zone lookup can let them know whether they are at
risk for a flood, and can help them decide on the best option.
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When it comes to purchasing flood
insurance, agents can recommend a number of options. They can also explain the
differences between the NFIP and private insurance options, which typically
offer more flexible terms and faster claims processing. Most importantly, they
can encourage their clients to buy enough coverage to ensure that their
possessions are protected. After all, even a minor flood can leave a
considerable financial burden behind, and it is not uncommon for homeowners to
file tens of thousands of dollars in claims after a disaster.
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If a flood damages your home and
destroys your furniture, the contents of your home are covered by the actual
cash value portion of your policy. This means that the insurer will only
reimburse you for what the property was worth at the time it was lost, minus
any depreciation. For this reason, it is crucial to understand the specifics of
your coverage amounts.
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While homeowners with federally
insured mortgages who live in the floodplain are required to buy flood
insurance, renters may need to purchase a separate policy. NerdWallet
recommends assessing your risk using FEMA’s detailed flood maps and shopping
around for a low-cost flood insurance policy from a private provider like
Neptune Flood.
The personal liability portion of
a standard home insurance policy, also called Coverage E or Personal Liability
coverage, protects you when you are found legally responsible for third-party
property damage or injury. When Blake’s delivery man tripped on the front step
of his apartment, it was because he was standing in the wrong spot at the right
time. When he sued, the legal expenses and other damages that resulted were
covered by his homeowner’s insurance through Coverage E.
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Understanding the details of your
homeowners or renters insurance can be difficult, but navigating this often
overlooked part of your policy can make all the difference in an emergency
situation. If you have any questions about your policy, reach out to an
experienced agent to learn more about your options for protecting your home or
rental property.
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In addition, your credit score is
also a big factor in determining your insurance rate, as insurers believe that
people with better scores are less likely to file insurance claims. Taking
steps to improve your credit, such as paying down debt, bringing accounts
current and setting up free credit monitoring can help lower your insurance
rates in the long run.
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