Can my renters insurance auto-renew if I no longer rent/live the residence?
Renters insurance automatically transfers to a new address, regardless of whether or not you are actually paying rent. Because of that, when you "notified them that you were moving", even if you OWNED the new location, they can reasonably expect to believe that you need coverage. So you've got automatic coverage under that old renters policy, at your new location - at least temporarily. No, it's not illegal for you to have that renters policy in force. But it IS illegal for Travelers to cancel your policy, without written notice from you, the return of the original renewal declarations, or without them issuing a nonrenewal or cancellation notice to you (which must comply with the state, for the REASONS they are nonrenewing/cancelling). Plus, they CANNOT cancel your policy based on a telephone call, you MUST either turn your original policy in to them, or sign a cancellation request. So, that's the question you asked. Now, the question you DIDN'T ask: is there a way to retroactively cancel your renters policy. And the answer to that is "MAYBE". If you have a new homeowners policy issued in your name, AND it's less than a year old, Travelers would likely (with a written cancellation request and the original renewal declarations) retroactively cancel your coverage back to the date your homeowners policy went into effect. Especially if that policy was ALSO through Travelers. But if your new homeowners policy is NOT in your name, you're SOL, because then Travelers would have been "on the hook" for any liability claims you might have presented.
Question about renters insurance!?
Bill rents an apartment for $500 per month and has $50,000 content coverage. if he is unalbe to occupy his apartment due to a negligent fire caused by a neighbor, for up to how many months could he rent another apartment if the cost of the new apartment is $750 per month? a 60months b 6 months c none because negligent acts are not covered d. non because content coverage does not cover reimbursement for rent I think it is b. but im not sure.... please help me!
Question about renters insurance..?
We had an apartment fire, we have been out of our apartment for exactly a month. Should our renters insurance cover our rent for that month being that we weren't living there? Out landlord says yes, that's why you pay renters insurance- for times like this. But the guy working on our policy says no, because we would be paying it anyway if there wasn't a fire. Should I push them to cover it?
Renters Insurance Question on a furnished apartment?
I recently just graduated college and got a pretty good deal for my job. I'm moving to Atlanta. The good thing about starting this job is that for 9 months my apartment is completely paid for and it's furnished. My question is should I get renters insurance for an apartment that is furnished? If I was robbed or furniture was stolen wouldn't it kinda be the landlords problem in a sense. The most valuable stuff I have is my laptop and possibly my desktop. Also if you live in Atlanta was in a general price that you pay for Car insurance. Thanks. I'm looking at state farm and it was roughly around 120 dollars a month
How long does it take for a renters insurance claim to get process?
a couple months i thought. like 2 or something?
If I have no lease can I still get renters insurance?
Absolutely; any time your belongings are set up in a house that is not yours, you should be able to obtain renter's insurance. Just call around to different companies and ask their policies; I did not have to give any kind of proof with my policy. Take lots and lots of pictures of all your belongings so you can use them in a claim, should something happen. I'm talking everything; furniture, clothes, food, dirtbikes, tools, electronics, absolutely everything.
What is the purpose of renter's insurance?
Short version: - Renters insurance is used to protect your physical property (assets) declared as contents. It also provides personal liability for the named insured in the event you are found liable for your actions. If your dog was to get away and bite someone, you can be faced with a legal action of negligence due to your failure to properly safeguard and contain the dog. Whether someone served you with legal action and is right or wrong, the liability portion will provide you with legal defense. Meaning, the insurer will have its assigned counsel defend you in court to mitigate its risk. When I say "its risk", yes it is the insurers risk as you paid a "premium" to transfer the risk to the insurance company and they accepted the risk for a premium equal to the risk. If you owned a home, then you would insure it with a homeowners policy which adds coverage for the replacement cost of the dwelling (home/structure) and coverage for your contents. If you have jewelry that is rare or expensive (as defined by the policy), you may have to declare it and schedule it with an amount. - You would want renters insurance (a) to insure your risk of loss due to a covered peril against your property (b) your landlord may want it to ensure that in the event of a loss the landlord can be defended in court as their interests appear without having to pony up for legal advice and expenses. - You would not want renters insurance if you lived in your parents home or if coverage for property and liability were already present..this would present duplicate coverage. The overall cost is so small that even if your property values were under the minimum the insurer covers (say you had $5K worth of property i.e computer, clothes, furniture, kitchen equipment, tv and the min value is 25,000 by the insurer) you're getting coverage for a range of $100 - $200 annually....about $12 a month. It's very inexpensive for the value your get.
Whats the difference between home insurance and rental insurance?
You need to change or they will not pay if you have a claim. Holes are not covered, neither is most tenant damage. But, you still need fire damage, weather, etc etc. Also, if you are going to allow animals check your policy, they are not likely to cover your property if you allow any dangereous animals.
Will my active renter's insurance cover my belongings while in transit to another rental place?
The short answer is “Yes”. Most Renter’s Insurance policy can and do cover belongings while in transit to another rental location.The standard ISO HO-4 Contents Form (Renters Policy) provides coverage for your belongings while in transit to a new location. Many companies use an ISO Standard contract like the snippets of the one shown below:First, let’s see WHERE your Personal Property is covered:The standard ISO Renters policy covers your personal property “while it is anywhere in the world”. That would include “while in transit”Now… it’s important to know that many insurance policies give… and then they take away. Let’s read on:So… in the case of this contract type, one would have 30 days from the time of acquiring the new principal residence where the policy limit could apply. After the 30 days, the limit of coverage would be 10% of Coverage “C” (Personal Property).It’s important to note, that coverage on a typical HO-4 Renters Policy is limited to a set of “Named Perils”. Named Perils is a fancy way of saying, if it’s named in the policy, it’s covered. Those perils include the following types of losses to your personal property:Fire or LightningWindstorm or HailVehiclesSmokeVandalism or Malicious MischiefTheftAnd other named losses (See page 6 and 7 of this Sample ISO policy for more)Though some types of damage (like breakage) will not be covered while in transit, many moving companies offer this as an “add-on” to their services. Be sure to read your movers contract for how breakage will be handled.A definitive answer to this question can only be known after reading YOUR insurance contract. Policies differ in content and coverage by company and state of jurisdiction. Ask your company representative for chapter and verse from your contract or take a read of your policy. The clauses above should be under “Section I”, Personal Property Coverage.Good question! Hope this helps.