Renter's insurance very similar to homeowner's insurance. The only major difference is that it to protects tenants of a property owned by someone else. If the property you own is destroyed, you get coverage to replace said property. You may feel that your old couch and outdates television are not worth very much, but if you add up the value of everything you have like clothing, other furniture, electronic devices, etc., it is probably worth at least a few thousand dollars.
However, even if the total value of your personal property is only in the hundreds of dollars, having a renter's insurance policy could still be very beneficial. It may only cost you $500 to replace your television, but your personal liability really has no limits. Theoretically, a guest in your rental house or apartment could trip on your coffee table, fall and sue you for $100,000. If you have a renter's insurance policy, your insurance company will help cover at least some of your costs.
Conversely, you typically always want to make a claim when the cost of repairs exceeds your deductible amount...though there are a few exceptions. It would be recommended that you always make a claim when someone becomes injured on your property.
Legally, he is responsible for the losses you incurred, but that does not mean he will be willing to pay you (similar to an accident with an uninsured motorist). If you do not have renters insurance, you may have to hound him to pony up. However, if you do have renters insurance, all you have to do is file a claim with your insurance company. They will cover the damages as outline in your policy, then go after your neighbor for reimbursement of those funds.
We mentioned some exceptions to the rule of filing claims in every case where the cost of the repairs exceeds the deductible amount outlined in your policy. The rule of thumb here is too try and decide what filing a claim is going to do in terms of increasing your future premiums.
You may find yourself in a situation where the tables are turned and the person at fault is asking you not to file a claim. You want to make sure you get their insurance information and get the police on the scene to file a report as well.
Go through all of your damaged property and properly document it. If you have receipts for items, gather them up as well. The key is to be as detailed and knowledgeable as possible to ensure the process goes as smoothly as possible.
CNC Insurance offers all types of insurance. If you are in the Frisco area and need renter's insurance or any other type of policy, give us a call today.
However, even if the total value of your personal property is only in the hundreds of dollars, having a renter's insurance policy could still be very beneficial. It may only cost you $500 to replace your television, but your personal liability really has no limits. Theoretically, a guest in your rental house or apartment could trip on your coffee table, fall and sue you for $100,000. If you have a renter's insurance policy, your insurance company will help cover at least some of your costs.
Conversely, you typically always want to make a claim when the cost of repairs exceeds your deductible amount...though there are a few exceptions. It would be recommended that you always make a claim when someone becomes injured on your property.
Legally, he is responsible for the losses you incurred, but that does not mean he will be willing to pay you (similar to an accident with an uninsured motorist). If you do not have renters insurance, you may have to hound him to pony up. However, if you do have renters insurance, all you have to do is file a claim with your insurance company. They will cover the damages as outline in your policy, then go after your neighbor for reimbursement of those funds.
We mentioned some exceptions to the rule of filing claims in every case where the cost of the repairs exceeds the deductible amount outlined in your policy. The rule of thumb here is too try and decide what filing a claim is going to do in terms of increasing your future premiums.
You may find yourself in a situation where the tables are turned and the person at fault is asking you not to file a claim. You want to make sure you get their insurance information and get the police on the scene to file a report as well.
Go through all of your damaged property and properly document it. If you have receipts for items, gather them up as well. The key is to be as detailed and knowledgeable as possible to ensure the process goes as smoothly as possible.
CNC Insurance offers all types of insurance. If you are in the Frisco area and need renter's insurance or any other type of policy, give us a call today.
About the Author:
CNC Insurance Brokerage Services is in the business of covering every aspect of your life with quality and affordable insurance coverage. CNC provides you a central hub for yourlandlord insurance , auto, life, renters and every other insurance need you have. CNC services families and businesses in Frisco, Dallas, Plano, McKinney, and their surrounding communities. We pride ourselves in giving you the best bang for your buck. We go to work to protect your assets for you at a price that fits your budget.
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