Call  or  Text  Us Today!  (507) 226-8481
Sandvik Insurance Agency
  • Home
  • Quotes
    • Quick Insurance Quote
    • Auto Insurance Quote
    • Homeowner Insurance Quote
    • Life Insurance Quote
    • Business Insurance Quote
    • Boat Insurance Quote
    • Umbrella Insurance Quote
    • Condo Insurance Quote
    • Flood Insurance Quote
    • Renters Insurance Quote
    • Motorcycle Insurance Quote
    • Disability Insurance Quote
  • Insurance
    • Auto Insurance >
      • Auto Insurance
      • Classic Car Insurance
      • RV Insurance
      • ATV Insurance
      • Roadside Assistance
    • Life Insurance
    • Business Insurance >
      • Business Owner's Package (BOP) Insurance
      • Event Insurance
      • Insurance Bonds
      • Workers Compensation
    • Property Insurance >
      • Home Insurance
      • Condo Insurance
      • Landlord Insurance
      • Renters Insurance
      • Earthquake Insurance
      • Flood Insurance
    • Motorcycle Insurance
    • Boat Insurance
    • Umbrella Insurance
  • Clickable Coverage
    • Auto
    • Brewery
    • Business
    • Condo
    • Condo Building
    • Contractor
    • Cyber Liability
    • Farm
    • Fitness-Center
    • Garage-Repair Shop
    • Golf Course
    • High Net Worth
    • Home
    • Life
    • Manufacturer
    • Medical Office
    • Non-Profit
    • Property-Manager
    • Renter
    • Restaurant
    • Technology Firm
    • Work Safety
  • Service
    • Auto Policy Change
    • Homeowners Policy Change
    • Report a Claim
    • Make a Payment
    • Update Contact Information
    • Proof of Insurance
    • Contact My Carrier
    • Request a Free Consultation
    • Privacy Policy
  • Resources
    • Get Our Mobile App
  • Carriers
    • AAA
    • AAA Life
    • American Modern
    • American Strategic Insurance
    • The Cincinnati Insurance Companies
    • Encompass
    • Foremost
    • Integrity Insurance
    • Nationwide
    • Progressive
    • Safeco
    • Selective
    • State Auto Insurance Companies
    • Travelers
    • The Hartford
    • Universal Property & Casualty Insurance Company
    • West Bend
    • Western National
    • Westfield Insurance
  • About
    • Our Team
    • Why Choose an Independent Agent?
    • Accessibility Statement
    • Trusted Choice Commercial
  • Contact
  • Home
  • Quotes
    • Quick Insurance Quote
    • Auto Insurance Quote
    • Homeowner Insurance Quote
    • Life Insurance Quote
    • Business Insurance Quote
    • Boat Insurance Quote
    • Umbrella Insurance Quote
    • Condo Insurance Quote
    • Flood Insurance Quote
    • Renters Insurance Quote
    • Motorcycle Insurance Quote
    • Disability Insurance Quote
  • Insurance
    • Auto Insurance >
      • Auto Insurance
      • Classic Car Insurance
      • RV Insurance
      • ATV Insurance
      • Roadside Assistance
    • Life Insurance
    • Business Insurance >
      • Business Owner's Package (BOP) Insurance
      • Event Insurance
      • Insurance Bonds
      • Workers Compensation
    • Property Insurance >
      • Home Insurance
      • Condo Insurance
      • Landlord Insurance
      • Renters Insurance
      • Earthquake Insurance
      • Flood Insurance
    • Motorcycle Insurance
    • Boat Insurance
    • Umbrella Insurance
  • Clickable Coverage
    • Auto
    • Brewery
    • Business
    • Condo
    • Condo Building
    • Contractor
    • Cyber Liability
    • Farm
    • Fitness-Center
    • Garage-Repair Shop
    • Golf Course
    • High Net Worth
    • Home
    • Life
    • Manufacturer
    • Medical Office
    • Non-Profit
    • Property-Manager
    • Renter
    • Restaurant
    • Technology Firm
    • Work Safety
  • Service
    • Auto Policy Change
    • Homeowners Policy Change
    • Report a Claim
    • Make a Payment
    • Update Contact Information
    • Proof of Insurance
    • Contact My Carrier
    • Request a Free Consultation
    • Privacy Policy
  • Resources
    • Get Our Mobile App
  • Carriers
    • AAA
    • AAA Life
    • American Modern
    • American Strategic Insurance
    • The Cincinnati Insurance Companies
    • Encompass
    • Foremost
    • Integrity Insurance
    • Nationwide
    • Progressive
    • Safeco
    • Selective
    • State Auto Insurance Companies
    • Travelers
    • The Hartford
    • Universal Property & Casualty Insurance Company
    • West Bend
    • Western National
    • Westfield Insurance
  • About
    • Our Team
    • Why Choose an Independent Agent?
    • Accessibility Statement
    • Trusted Choice Commercial
  • Contact

Sandvik Insurance Agency Blog

Renters Insurance

9/25/2014

0 Comments

 
The Importance of Renters Insurance
If you live in a rental home or apartment, chances are you don’t have the proper insurance. Despite the fact that rented homes are more likely to be burglarized than owner-occupied properties, nearly 60 percent of renters don’t have a renters policy.

Why does it matter?

“If you rent a house or apartment and think that your landlord is financially responsible when there is a fire, theft or other catastrophe—think again,” warns the Insurance Information Institute*. “Your landlord may have insurance to protect the building you are living in. But your landlord’s policy won’t replace your personal possessions or pay for your living expenses while the building is being repaired. The only way to protect yourself financially against disasters is to buy a renters insurance policy.”

Renters insurance covers your possessions, liability and additional living expenses Let’s take a look at these three types of protection:

Possessions

Standard renters insurance protects your personal belongings against damage from fire, smoke, lightning, vandalism, theft, explosion, windstorm, water and other disasters listed in the policy. Floods and earthquakes are not covered.

To decide how much insurance to buy, you need to know the value of all your personal possessions—including furniture, clothing, electronics, appliances, kitchen utensils and even towels and bedding. The easiest way to figure this out is to create a home inventory, a detailed list of all of your personal possessions and their estimated value.

There are two types of renters insurance policies for your possessions:
  • Actual Cash Value pays to replace your possessions minus an amount for depreciation (the                  reduction in the value of items due to age and use) up to the limit of your policy.
  •  Replacement Cost pays the full cost of replacing your possessions (with no deduction for depreciation), up to the limit of your policy. The price of Replacement Cost coverage is about 10 percent more than Actual Cash Value coverage, but can be well worth the additional cost.  


Note that a standard renters policy offers only limited coverage for items such as jewelry, silver, furs, etc. If you own property that exceeds these limits, it is recommended that you supplement your policy with a floater. A floater is a separate policy that provides additional insurance for your valuables and covers them for perils not included in your policy such as accidental loss.

Liability

Standard renters insurance policies also provide liability protection in the event you or members of your familiar cause injury to others or damage their property.  It also pays for damage your pets cause.

If you are sued, the liability portion of a renters policy may pay for both the cost of defending you in court and for court awards, up to the limit of the policy. Liability limits generally start at about $100,000. Your policy may also provide No-Fault Medical coverage. If visitors are injured in your home, regardless of fault, you can submit their medical bills directly to your insurance company. You can generally get $1,000 to $5,000 worth of this coverage. It does not however, pay medical bills for your own family or your pets.

Additional Living Expenses

Many people are pleasantly surprised to learn that Additional Living Expense (ALE) coverage is typically included in a renters insurance policy. If the home or apartment you are renting is damaged or destroyed and you need to live elsewhere while it is being repaired or rebuilt, renters insurance will cover your additional living expenses—namely the difference between your regular living expenses and the additional costs incurred by having to live away from your home, such as hotel bills, temporary rentals, restaurant meals, etc. 

Need help deciding what coverage is best for you? 

Contact us today At (507) 226-8481



*Insurance Information Institute, September 30, 2009

0 Comments



Leave a Reply.

    Contact Us

    (507) 226-8481
    826 S Broadway
    Rochester, MN 55904
    contactus@sandvikagency.com

    Archives

    June 2016
    April 2016
    March 2016
    February 2016
    December 2015
    November 2015
    October 2015
    September 2015
    August 2015
    July 2015
    June 2015
    May 2015
    April 2015
    March 2015
    February 2015
    January 2015
    December 2014
    November 2014
    October 2014
    September 2014
    August 2014

    Categories

    All
    FAQs
    Financial
    Holiday
    Insurance
    Local
    Safety
    Tips
    Travel

    RSS Feed

Navigation

AgencyHomepage
Insurance Quotes
Policy Service
Insurance Products
Privacy Policy
Contact Us
Agent Login

Social Media

Facebook
Twitter
LinkedIn

Contact Us

Sandvik Insurance Agency
826 S Broadway
Rochester, MN 55904
(507) 226-8481
(855) 726-3845
contactus@sandvikagency.com

Location

Serving the Rochester MN area, including Byron MN, Chatfield MN, Dodge Center MN, Dover MN, Eyota MN, Hayfield MN, Kasson MN, Lewiston MN, Mantorville MN, Oronoco MN, Pine Island MN, Plainview MN, St Charles MN, Spring Valley MN, Stewartville MN, Wabasha MN, Zumbro Falls MN, Zumbrota MN, and surrounding areas.
​​Licensed in MN, WI, IA, SD, AZ
Picture