I went to California in 2003 on a business trip. Debbie, Sherry and I had to work on a hospital to sell Term Life Insurance. We looked around for an affordable hotel, but all the rates were rather high and we were going to be in California for at least two (2) weeks or more. Instead of a hotel we found a furnish apartment to rent that had weekly rates. With the short term lease, they required a Renters Insurance policy. The policy would not only cover our contents, but the contents of the apartment and liability in case we caused any damage.
Apartment renters insurance was available through a few companies, so we got quotes from; Geico, Nationwide and State Farm. Nationwide was the cheapest, so we bought a policy and only paid for one month.
One day when Debbie finished getting ready she shut the bathroom door and accidentally had locked it. Under the liability section a lock smith was covered without a deductible. The liability section claims it will provide coverage for bodily injury or property damage which you or an insured under the policy are legally obligated to pay. Since she actually hadn't caused any "damage" we called the companies claims department and verified that this incident would be covered.
But you wouldn't believe what else happened....since we travel a lot we liked the chance to stay somewhere different, and the best thing about this apartment was the waterbeds. The very next day, Sherry was using a knife to peel an apple and accidentally stabs the waterbed causing a small leak. Fortunately, we had purchased the endorsement for waterbeds for an additional premium. Not only did we have a repair bill, we also had some water damage. The waterbed endorsment states; Optional Endorsments you may request for your policy.
Extension of Liability Coverage Endorsement-Waterbeds
This optional coverage pays for damage to property of others that results from sudden and accidental discharge of water from your waterbed. It does not pay for structural damage which results from the weight of the waterbed; slow, gradual leakage from the waterbed or damage to the waterbed itself.
We were sure happy that we read the Renters Insurance contract before we bought it. Other coverage under the policy are, but subject to a deductible:
Personal Property Coverage:
This policy will pay for the loss or damage to your property when caused by the perils listed below:
1. Fire and Lightning 2. Windstorm or Hail 3. Explosion 4. Riot or Civil Commotion 5. Aircraft 6. Vehicles 7. Smoke 8. Vandalism or Malicious Mischief 9. Burglary 10. Falling Objects. 11. Weight of ice, snow or sleet 12. Accidental discharge or overflow of water or steam from within a plumbing, heating, air conditioning, or automatic fire protective sprinkler or from within a household appliance. 13. Sudden and accidental tearing apart, cracking, burning, or bulging of a steam or hot water heating system, and air conditioning system, or an appliance for heating water. 14. Freezing of plumbing, heating, and air conditioning systems or automatic fire protective sprinkler system or of a household appliance. 15. Sudden and accidental damage from artificially generated electrical current 16. Volcanic eruption
Remember to add the Replacement Cost endorsement to your Renters Insurance policy.
Personal Property Replacement Cost Endorsement;
The Declarations Page states under Additional Coverages that your policy has Replacement Value coverage.
Without acquiring this endorsment your personal property will be subject to Actual Cash Value (ACV) for a covered loss. ACV means the cost to replace an item with another item of similar kind and quality less an allowance for depreciation.
Replacement Cost (RC) coverage will pay for the loss at full cost to repair or replace the damaged item. RC is only paid when you purchase the replacement item within 180 days after the loss.
LOSS OF USE
If you can not live in your residence as a result of a covered loss, this coverage will pay for temporary living for a time period for reasonable and necessary extra living expenses you incur over what you have normally spent to maintain your standard of living if no loss had occurred.
With any policy there will be exclusions you should read when you get your renters insurance policy. I am so glad we purchased one for our trip. to California. I can't imagine what our boss would of said if we had turned in our claims with our expense report. Our renters insurance policy probably saved our jobs.
Apartment renters insurance was available through a few companies, so we got quotes from; Geico, Nationwide and State Farm. Nationwide was the cheapest, so we bought a policy and only paid for one month.
One day when Debbie finished getting ready she shut the bathroom door and accidentally had locked it. Under the liability section a lock smith was covered without a deductible. The liability section claims it will provide coverage for bodily injury or property damage which you or an insured under the policy are legally obligated to pay. Since she actually hadn't caused any "damage" we called the companies claims department and verified that this incident would be covered.
But you wouldn't believe what else happened....since we travel a lot we liked the chance to stay somewhere different, and the best thing about this apartment was the waterbeds. The very next day, Sherry was using a knife to peel an apple and accidentally stabs the waterbed causing a small leak. Fortunately, we had purchased the endorsement for waterbeds for an additional premium. Not only did we have a repair bill, we also had some water damage. The waterbed endorsment states; Optional Endorsments you may request for your policy.
Extension of Liability Coverage Endorsement-Waterbeds
This optional coverage pays for damage to property of others that results from sudden and accidental discharge of water from your waterbed. It does not pay for structural damage which results from the weight of the waterbed; slow, gradual leakage from the waterbed or damage to the waterbed itself.
We were sure happy that we read the Renters Insurance contract before we bought it. Other coverage under the policy are, but subject to a deductible:
Personal Property Coverage:
This policy will pay for the loss or damage to your property when caused by the perils listed below:
1. Fire and Lightning 2. Windstorm or Hail 3. Explosion 4. Riot or Civil Commotion 5. Aircraft 6. Vehicles 7. Smoke 8. Vandalism or Malicious Mischief 9. Burglary 10. Falling Objects. 11. Weight of ice, snow or sleet 12. Accidental discharge or overflow of water or steam from within a plumbing, heating, air conditioning, or automatic fire protective sprinkler or from within a household appliance. 13. Sudden and accidental tearing apart, cracking, burning, or bulging of a steam or hot water heating system, and air conditioning system, or an appliance for heating water. 14. Freezing of plumbing, heating, and air conditioning systems or automatic fire protective sprinkler system or of a household appliance. 15. Sudden and accidental damage from artificially generated electrical current 16. Volcanic eruption
Remember to add the Replacement Cost endorsement to your Renters Insurance policy.
Personal Property Replacement Cost Endorsement;
The Declarations Page states under Additional Coverages that your policy has Replacement Value coverage.
Without acquiring this endorsment your personal property will be subject to Actual Cash Value (ACV) for a covered loss. ACV means the cost to replace an item with another item of similar kind and quality less an allowance for depreciation.
Replacement Cost (RC) coverage will pay for the loss at full cost to repair or replace the damaged item. RC is only paid when you purchase the replacement item within 180 days after the loss.
LOSS OF USE
If you can not live in your residence as a result of a covered loss, this coverage will pay for temporary living for a time period for reasonable and necessary extra living expenses you incur over what you have normally spent to maintain your standard of living if no loss had occurred.
With any policy there will be exclusions you should read when you get your renters insurance policy. I am so glad we purchased one for our trip. to California. I can't imagine what our boss would of said if we had turned in our claims with our expense report. Our renters insurance policy probably saved our jobs.
About the Author:
Kitty M Kat is a licensed Insurance Agent and has been selling Affordable Insurance for the prior 22 years. In addition to Renters Insurance she has experience about Homeowners, Car Insurance, Business Property & Casualty and Liability Insurance and Life Insurance. For additional Information visit her Insurance for Blondes blog.
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