Car insurance covers a car. Homeowners insurance covers a home. So, one might assume that renters insurance covers the actual apartment you are renting. But what does apartment insurance in Salem OH really cover?
1. Does apartment insurance cover my actual apartment?
No… it covers the items in your apartment as well as personal liability for bodily injury or property damage you might cause. Say a pipe bursts and the leak destroys your stuff or you accidentally injure a guest who trips over the skateboard you forgot to put away. With renters insurance, you can protect yourself with liability coverage as well as your possessions.
2. What does my landlord’s insurance cover?
Your landlord’s homeowners insurance protects the building, such as structural damage to the apartment itself. But it’s up to you to ensure your belongings.
3. Is everything in my residence covered by apartment insurance in Salem OH?
No, there are coverage limits and those limits come in two forms. There’s an overall limit, specifying how much money your policy pays in total and there are individual limits on certain types of items. So for items like jewelry, collectibles, furs, musical equipment, firearms, art, gift cards, checks, electronics and truck insurance companies usually set limits for those items. Check your policy for details!
4. Does apartment insurance reimburse the full price for the covered items?
There are two types of renters insurance policies. If you have an actual cash value policy, your insurer covers the actual cash value of the items, but that’s the actual cash value of the item at the time of loss, not how much you paid originally. If on the other hand, you have a replacement cost value policy, the insurer covers the cost of repairing or replacing the item at its current price.
5. How do I determine how much my belongings are worth?
Thanks to technology, there are numerous websites and home inventory apps out there that help you log, price and track the value of your possessions. Keep original receipts and appraisals.
6. Should I create an inventory of my belongings?
Yes, so you know how much coverage you need, and also because your insurer will ask for an inventory report and receipts, even photographs when you file a claim to provide proof of ownership.
7. Will the insurance company just accept my estimates?
As long as they’re accurate. Research prices online and have rare, expensive, or otherwise special items appraised. Save receipts, log serial numbers and take plenty of photos and video and store them offsite.
8. Does apartment insurance in Salem OH only cover possessions?
No, some policies also cover additional living expenses such as hotel stays and even meals if you can’t stay at your apartment as a result of damage. This typically includes fire, electrical surges, explosions, water damage, theft, vandalism, and falling objects.
9. Does apartment insurance in Salem OH cover injuries of any type?
Most renters insurance policies cover certain personal liabilities in addition to the property. For instance, if someone has an accident at your place, your policy pays for their medical bills or your legal expenses in the event said person sues. It can also cover damage you accidentally do to someone else’s apartment.
10. How do I know exactly what my renters’ insurance covers?
If you have an “all risk” policy, any peril that isn’t specifically listed as an exclusion is covered. If you have a “named peril” policy, only perils clearly listed in the policy are covered.
11. Do I need apartment insurance in Salem OH to cover my dog?
Most renters insurance policies cover pets under the personal liability portion of your policy. Please note: some companies exclude certain exotic animals as well as certain breeds of dogs. Be sure to read the fine print.
If you’re a renter and want more information regarding apartment insurance in Salem OH, call our office today at 330-337-9557 and speak with one of our helpful agents!