{"id":219,"date":"2014-06-28T21:12:40","date_gmt":"2014-06-29T01:12:40","guid":{"rendered":"https:\/\/project-011.com\/?page_id=219"},"modified":"2016-03-16T15:28:17","modified_gmt":"2016-03-16T20:28:17","slug":"renters-insurance","status":"publish","type":"page","link":"https:\/\/project-011.com\/?page_id=219","title":{"rendered":"Renters Insurance"},"content":{"rendered":"

\"Renters<\/a>Renters Insurance Coverage<\/h1>\n
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Renting an apartment, condo or single family dwelling\u00a0is a great alternative to owning a stand-a-lone house when you want to minimize the maintenance owning a home requires.\u00a0 The US Census Bureau estimates that 1\/3 of all families live in rented structures.\u00a0 Rough insurance estimates suggest that as many as 3\/4’s of rental unit tenants do not have renters insurance on either their personal property or for their liability.\u00a0 The choice to insure one’s property is certainly not lost on us but it seems that tenants would recognize their property isn’t just exposed to their negligence, but to the negligence of the other tenants in the same building.\u00a0 The careless smoker next door who or the person downstairs that falls asleep while cooking are real examples of people who started their apartment units on fire in this area in just the last twelve months.\u00a0 Other examples include grills put away while burning, and of course, the electrical fires and similar losses.<\/p>\n

Renters\u00a0insurance policies are issued to people on the Homeowner policy HO-4 coverage form.\u00a0 The tenant form of the homeowner policy is known as an HO4 policy.\u00a0 Many better apartment property owners are now requiring their tenants to have coverage for their property and liability protection for the times when they be negligent in a loss that has occurred.\u00a0 Unless there is gross negligence by the apartment property owner, you should not expect their insurance coverage will pay for your loss.\u00a0 In many cases today property owners are asking for at least $100,000 in personal liability coverage on renters insurance policies for just the reasons noted in the first paragraph.\u00a0 The damage you do to the building due to your negligence like careless smoking, cooking accidents, or otherwise, could result in you being sued for the damage in a court. \u00a0In that case the renters insurance policy will provide your defense against the claims. Liability is an important coverage in a HO4 tenant homeowner policy.<\/p>\n

Understanding the\u00a0renters Insurance policy starts with understanding the coverage that is provided in the standard policy. \u00a0This is where I can help you. Once coverage is provided, the choices you make are specified on your declaration page.\u00a0 While the coverage may be reported slightly different from company to company, your coverage is always listed on the declaration and, if it isn\u2019t listed you probably don\u2019t have the coverage.\u00a0 Some coverage may appear on your policy as endorsements rather than in the declaration page but you should be able to find all the coverage you have bought listed on the declaration page and under an endorsement number. Here are the common coverage parts for a homeowner property policy form for tenants (HO4):<\/p>\n

Section I \u2013 Property Coverage<\/span><\/h3>\n
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