Renters insurance - Not just about price
Q: Is anything else important, other than price that I need to consider when shopping for renter’s insurance?
Top things: Price isn’t everything.
Property Coverage: make sure the coverage you have is enough for all your stuff. Make sure you have a replacement cost endorsement . Make sure your policy covers other high priced items you have: jewelry, collectibles, guns, computers; ask your agent about policy restrictions and get coverage for what you have. If your place has a basement, ask for a water back-up endorsement.
Liability coverage: Get $300,000 to cover for damages or injuries you may cause. The liability coverage will cover you if you cause a fire, someone gets hurt, or any other unintentional mishap.
For example, if you start a kitchen fire, which is very common in rental properties, the liability coverage will pay the landlord for the damages to their building. You don’t want to get stuck defending yourself in court or paying for this out of your own pocket.
Discounts: companies rate by territory, age, credit and a dozen other factors. Get some quotes. Also the company that handles your car may give a good discount both ways. Auto company doesn’t offer renters? Shop them both.
The future: Some home insurers will only offer their best packages to people with ‘history’; if the insurer does not offer homeowners coverage (like GEICO) they won’t be much help to you when you buy a house.
Service: is extremely important. How does the insurance agency treat you on the phone? Bad service while getting a quote may be a reflection of the agencies view of you. Ask about the insurers claims handling reputation. You don’t want to buy a policy with a combative company. Last thing you want is having to fight an adjuster for a loss.
Get Started
Don’t put this off till next week or next month. Deal with this right away. Get a referral to a local independent agent. She should be able to shop you with 6-10 good companies and serve as a first line adviser with you future questions, although feel free to stop back here with your questions.
Showing posts with label liability insurace. Show all posts
Showing posts with label liability insurace. Show all posts
Monday, November 12, 2007
Friday, August 24, 2007
Liability Insurance: The Most Overlooked Piece of the Financial Planning Process?
By: Stephen J. Evanko, Jr., CPCU, LUTCF, AAI
Delaware Insurance Advisors
Liability insurance – you probably have it now and don’t give it a second thought. You see, it’s part of your car insurance policy – the coverage that protects you if you are found liable for causing injuries or damaging property. It’s also included with most home policies – just in case someone slips and falls at your house or Fido decides to become too aggressive and bite someone.
If you own a business, your business liability insurance protects you from things such as customer’s accidents on your property, your negligent activities or your faulty products (i.e. food poisoning).
How can this important protection so often be “overlooked”? Very simple… you have a life. Let’s face it, you’d rather plan your vacation than bring out and dust off the car, home and business insurance policies. You know they haven’t been looked at in years…and you’re probably thinking “if it isn’t broke, why fix it?”
Here’s why you should pay close attention: everything you have earned could be lost because of one careless accident. What if you are briefly distracted and don’t allow enough distance between you and the car in front of you. Or, what if your employee fails to clean up a spill at your business?
Don’t take your protection and security for granted. Get those policies out and make sure your liability protection equals or exceeds your assets. Your assets (both personal and business) are those that you have earned, worked hard for or even inherited. So, why risk them?
The purpose of liability insurance is to protect your assets from people who want to take them away from you due to your negligence. You want to ensure that you and your family can maintain your lifestyle! Of course, there are always exceptions. Before making important decisions, be sure to work with the help of an experienced, credentialed and licensed insurance advisor.
Contact Stephen at 740-369-1040 or sevanko@colinsadv.com
Delaware Insurance Advisors
Liability insurance – you probably have it now and don’t give it a second thought. You see, it’s part of your car insurance policy – the coverage that protects you if you are found liable for causing injuries or damaging property. It’s also included with most home policies – just in case someone slips and falls at your house or Fido decides to become too aggressive and bite someone.
If you own a business, your business liability insurance protects you from things such as customer’s accidents on your property, your negligent activities or your faulty products (i.e. food poisoning).
How can this important protection so often be “overlooked”? Very simple… you have a life. Let’s face it, you’d rather plan your vacation than bring out and dust off the car, home and business insurance policies. You know they haven’t been looked at in years…and you’re probably thinking “if it isn’t broke, why fix it?”
Here’s why you should pay close attention: everything you have earned could be lost because of one careless accident. What if you are briefly distracted and don’t allow enough distance between you and the car in front of you. Or, what if your employee fails to clean up a spill at your business?
Don’t take your protection and security for granted. Get those policies out and make sure your liability protection equals or exceeds your assets. Your assets (both personal and business) are those that you have earned, worked hard for or even inherited. So, why risk them?
The purpose of liability insurance is to protect your assets from people who want to take them away from you due to your negligence. You want to ensure that you and your family can maintain your lifestyle! Of course, there are always exceptions. Before making important decisions, be sure to work with the help of an experienced, credentialed and licensed insurance advisor.
Contact Stephen at 740-369-1040 or sevanko@colinsadv.com
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