Apartment Dwellers have very important insurance needs. A Renters’ or Tenants’ policy is designed to meet those needs. Each policy has two sections, Property and Liability. There is a standard policy format used by all companies in all states; however, there are options and variations between policies. We will work with you to assess policy and coverage options for a package specifically tailored to meet your needs.

Property

The policy protects your Personal Property and expenses that might arise should there be a loss. Traditionally this is on a Replacement Cost Basis. That means that you will be compensated for today’s cost in replacing an item, not its depreciated value. The standard policy provides coverage for 16 different situations called Perils. Some of these 16 Perils are: Fire, Theft, Vandalism, Windstorm, Riot and Civil Commotion; Explosions and Falling Objects. An extra cost option extends the coverage to include many situations not insured by the standard policy.

There are limitations to the amount of coverage or policy terms on certain types of property. For example, the Replacement Cost protection may not apply to Antiques or Fine Arts. Also, most policies limit protection for Theft of Jewelry to US $2,000 or so. In both cases the best way to insure items subject to policy limitations is to list them on the policy, which will provide you with broader coverage at a more economical price.

Talk with us about ways of tailoring the policy to meet your specific requirements.

Liability

You could be held financially responsible if something you do (or fail to do) results in Bodily Injury or Property Damage. The Liability section of the policy protects you and your family for such claims against you, and will defend you whether the claim is valid or not. The coverage is on a world-wide basis and covers non-work and non-automobile related situations. Various limits are available but it is recommended to select at least US $300,000 in protection (higher limits are available for a very nominal cost).

Medical Payments is also included and will cover medical bills of a guest should he/she be injured while on your property. Payment will be made even if you are not legally responsible for the guest's injury. Limits of up to US $5,000 are available.

Your Liability exposure can be further protected by a Personal Excess Umbrella Liability policy. The Personal Umbrella adds additional coverage, usually in multiples of US $1,000,000, to the Liability coverage of your Residential or Automobile policies.

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