I’ll soon be renting my own apartment. Is there insurance for that?

Renting your own apartment in Sandy, UT is a big step toward establishing your independence. It also means that you have to presume all the responsibilities of a renter. You will need to pay the rent every month and budget for other expenses such as the electric bill and the telephone bill. You do not want to live in an empty apartment so you will need to fill it with furniture and other personal possessions.

Buying apartment insurance is something you should seriously consider when you are a renter. When you rent, your personal property is not covered by your landlord’s insurance policy. If someone should break into your apartment and steal your laptop computer, you can file a claim for your loss with your apartment insurance provider. If you have no such insurance, you most probably will have to take the loss and pay for a new laptop computer out of your own pocket.

Renter’s insurance is very affordable. Besides protecting your personal property against loss or damage from covered perils, it also provides liability protection. If someone gets injured while inside your apartment, they might want you to pay their medical bills. Your insurance can defend you in such a situation or pay out any valid claims up to the amount of your coverage.

Apartment insurance is so affordable because it does not include coverage for the dwelling. Unlike home insurance, where the largest part of the premium is normally allocated to insuring the actual house, a renter’s policy only provides content and liability coverage.

Before you purchase a policy, make sure you know exactly what is and is not covered. You can add endorsements to a standard policy to get more coverage. Endorsements can cover such things as high-value property and temporary housing.

Am I allowed to claim insurance on the property from 2 different companies?

Damaged property can cause a variety of concerns, including the proper way to make a claim based on the situation. When you have 2 insurance companies that cover the same property in Sandy, UT, you may be unsure about the process of making a claim. Even though two companies may offer coverage, it is usually best to focus on one policy when making a claim.

Coverage

Before you try making a claim, consider the coverage that you have on a particular plan. For example, if you have greater coverage for the situation in one policy, then making a claim on that plan may be better than using both policies to make your claim.

The coverage that you purchased can impact your options, but the plan that is most appropriate for the situation is usually better for the claims process.

Splitting the Difference

Using two policies to pay for damages will not necessarily result in a greater amount of funds. In many cases, the insurance companies will work together to determine the portion of the damage that is paid by both companies. For example, one company may pay for the primary damage while the other company pays for secondary damages. Alternatively, one might pay for the damage to the property while the other pays for the replacement of personal belongings.

You cannot make a full claim on both policies; instead, you can only make a partial claim. If you also have a deductible to pay, it may be more expensive to use two companies for the repairs.

Damages to your property can be complicated to fix, but it is easier when you focus on using one specific insurance company. Contact us to speak to an agent to learn more about your options.