Bancorp has been protecting renters in Oregon, Idaho and Washington for more than 33 years.
It is surprising how many renters never even think about buying renters insurance. Renters insurance is very affordable and if you have a fire, or any other various issues, you may be shocked at how costly it will be to replace your laptop, furniture, TV, pots and pans, dishes, clothes, sports equipment, etc.
Let’s talk about what renters insurance actually protects:
Your Personal Property: That is everything you own in your apartment. The coverage will cover your stuff from fire or theft. When you buy personal property insurance, there are two different forms of coverage you can purchase, actual cash value or replacement cost.
Actual Cash Value will replace your stuff with like kind and quality less depreciation. Now if your furniture use to be mom and dad’s chances are the depreciated value will be close to zero.
Replacement Cost will replace your stuff with like kind and quality for what it will cost you to replace it today. Because it’s our job to think about what happens before it happens to you, at Bancorp Insurance we recommend our customer’s purchase replacement cost protection for their personal property. The difference in cost is pennies a day. But when you are forced to go out and refurnish your apartment all at once you will be thankful that you can do so without worrying about where you are going to get the cash.
Liability Insurance: Renters never think about liability insurance, but you should. In fact, statically speaking, you are much more likely to have a liability claim than a fire claim. Here is how liability insurance works: Let’s say you decide to have a few friends over for a nice little party. While everyone is talking and having a good time, one of your long time buddies decides to show off to one of the neighborhood girls that have stopped by. Before you know it, he’s doing a handstand in the middle of your living room and as he loses his balance his foot hits the girl in the face knocking out two of her teeth! Great, she is holding two teeth in her hand on the way to your bathroom to stop the bleeding. There is blood on your carpet and down the hall where she slammed the door shut.
A few days go by and you get a call from the girls’ mom who tells you her daughter will be getting the dental work done and her next question is, “do you have rental insurance”? If your answer is yes. Good for you, your insurance company will take care of the bills. If your answer is no…..then its a fight between you and your friend who gets to pony up the money. Yeah he kicked her in the head, but it happened in your apartment at your party, they were both invited guests.
Liability insurance will also pay it someone slips and falls at your place and breaks an arm or if you accidentally cause a fire and the apartments around you become uninhabitable due to fire, smoke or water damage. Maybe your washer overflows and floods the apartment downstairs, that is covered under your liability section of your renters insurance.
Loss of Use: Speaking of uninhabitable. In the case of the fire, there were four apartments in that house. Now, it does not matter how the fire got started or by whom, but four different families have no place to live. Loss of Use covers you for the additional cost you incur because you can no longer live in your apartment due to a covered cause of loss, like smoke damage, fire, storm damage etc. Normally, bugs or vermin are not considered a covered cause of loss. You need to take that up with your landlord if you have bugs or mice or rats, etc.
But the extra cash it will cost you to move into a hotel for a few days and eat out at restaurants until you find a new place to live will be covered by your renters insurance under loss of use for a covered cause of loss.
Renters insurance is a great bargain. In fact, it costs as little as .51 cents a day. No, we’re not kidding you. You get all this protection for less than the cost of your next several cups of coffee. So why don’t more people buy renters insurance? We think people don’t buy renters insurance because they think they have nothing to lose. But just as we pointed out above, you have plenty to protect!
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