Mill Valley Renters Insurance Coverage
The recent earthquake in Napa Valley on Aug.24 left residents of Mill Valley with enormous property damage. Renters are wondering if their Mill Valley renters insurance coverage can help them return to normalcy, because now they are left to replace their personal possessions themselves. Your landlord is responsible for insuring the structure of the property, but not your valuable belongings.
With the next big quake predicted to strike within three decades, another earthquake is looming. To find out how to protect your personal property, contact Allied Restoration Company on 415-529-5637. While Mill Valley renters insurance does not cover earthquake or flood loss, it is still advisable that tenants in Mill Valley purchase a policy. So what should you know about renters insurance?
There are different options for renters to choose from, but most policies cover any personal possessions lost due to fire, theft, smoke, hail, wind, vandalism and lightning. Additional living expenses are also available if you need to stay elsewhere, along with personal liability.
2. Is Renters Insurance Really Necessary?
If you consider any of your possessions valuable, then you need renters insurance. Statistics show that most burglars target tenants. You would be entirely responsible for replacing your valuables without coverage, regardless of what incident were to occur.
3. How Does Reimbursement Work?
According to InsWeb, there are two types of coverage available: actual cost value and replacement cost value. Actual cost will replace the item after depreciation is taken into consideration, while replacement cost will reimburse you for what you originally paid.
4. What Is Liability Coverage?
Most renters’ insurance policies include liability cover. Protection includes injury to others in your home, and unintentional damage to someone else’s property. In the event of a lawsuit, or related financial loss, your policy will cover a portion of the cost, depending on your limit.
5. Are Other Household Members Insured by Your Policy?
Insurance coverage does not include other members of your household, unless they are family and are listed within your policy. It is advisable that individuals purchase renters insurance separately, reports Trusted Choice.
6. Does Coverage Include Expensive Valuables?
There are limits in place with renter’s insurance policies. If your items are extremely expensive, such as jewelry or antiques, then your policy may not cover it. Insuring these objects is advised through a separate policy created for them.
7. What Are Additional Living Expenses?
In the event of catastrophic damage to your home, it may be unsafe to stay there until it has been renovated. In these cases, your renter’s policy will pay a portion of your living expenses, to cover the cost of staying elsewhere.
8. Does Rental Insurance Offer Additional Coverage?
Purchasing a renters policy will protect your belongings if they are lost or stolen elsewhere. If your car is burglarized, your luggage lost on holiday, your baggage stolen in another country; your insurance company will likely pay for it as well.
Unlike insurance for homeowners, renters pay extremely affordable rates. Even so, premiums can still be reduced dramatically if certain conditions are met. For advice on how to save money on renters insurance in Mill Valley, contact Allied Restoration Company on 415-529-5637.