Balfour Insurance Agency

While your landlord should have insurance coverage for the building in which you live, you need to be aware that there coverage does not extend to your personal possessions. Renters Insurance provides protection for your: Pots, pans, sheets towel's, dishes, clothing, furniture and more in the home and away from home.

Personal Property Coverage (Coverage C )

For all of your posessions against damage from hazards such as fire, lightning, windstorm, hail, explosion, smoke, vandalism, and plumbing leakage (the same coverage as the HO2 Broad form in Homeowners 101). A renters policy also protects your property against theft loss in your apartment or anywhere in the world.  Coverage away from your home is limited to 10% of Coverage "C".

This personal property coverage is also called contents coverage since it insures the contents of your apartment. You determine the value of your property and the renters premium is based on this amount.

Additional Living Expenses (Coverage D )
If you are forced out of your apartment by a covered hazard, the company will pay you up to 20% of the contents coverage for necessary additional living expenses (hotel, meals, laundry, etc.) while your damaged apartment is being repaired.

Personal Liability Protection (Coverage E )
In the event that you are sued, your renter's personal liability protection helps to cover the associated legal costs and related damages.

Most renters policies provide $100,000 (minimum) of financial protection against liability claims and lawsuits brought by others for accidental bodily injury or damage to their property:

• while in your apartment
• caused by your personal activities, including most sports
• causing by your children or pets

Medical Payments to Others: (Coverage F )

Most policies will pay up to $1,000 per person in medical bills--regardless of your legal responsibility--when an accident involves bodily injury to others. Higher coverage amounts are available.

Theft protection: the Renter  policy also protects your property against practically every type of theft loss in your residence or anywhere in the world (Limited coverage for personal property away from the premises). Also included is coverage for thefts from your unattended car or boat, even if there is no evidence of forced entry.

Optional Property Coverages
Since each of us enjoys a unique lifestyle, you might require special coverages for you individual needs. The following coverages can be purchased separately:

• Contents Replacement Cost: pays full cost to repair or replace most personal property in your apartment with no deduction for depreciation.
• Inland Marine Coverage: provides higher limits and worldwide protection for special property such as jewelry, silverware, fine art, furs, cameras, firearms, musical instruments, and home computers for an extended variety of losses.

Improvements
many renters spend considerable time and money on alterations or redecorating. Under a renters policy, you may apply up to 10% of your contents coverage to repair or replace these damaged improvements.

Credit Card and Check Forgery
Renters insurance automatically provides you with up to $1,000 of coverage (in most states) for losses resulting from forgery or any alteration made in connection with credit cards, automated teller cards, and checks used by you and your family.

Deductibles
A deductible is the amount of loss you agree to assume before your insurance coverage takes over. The higher your deductible, the lower the cost of your policy premium. The deductible applies to property losses only. Liability protection does not require a deductible.