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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Coverage E

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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