Panama City Florida Rentals and Property Management

Renters Insurance

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Why renters insurance is good for all renters

Catastrophies occur when you least expect them. Whether it be a Fire, Flood, injury or theft protecting yourself, your property and your family and friends is of paramount importance.

While the actual apartment and it's structure will be covered under the landlord or home owners insurance policy, your property is not covered.

Renters insurance is Similar to homeowners insurance in that it covers your property losses in a variety of situations. It also covers your liability if someone is injured in your place or by your pet.

Many people forego renters insurance because they think it too expensive, however, it can be very affordable.

The cost of replacing ALL your belongings can possibly be required if a fire breaks out and replacement costs can be very expensive.

Renters insurance premiums may be lowered by having smoke and fire detectors and security systems installed in your apartment. In many cases, smoke detectors are required by law and should be installed in all home and apartments.

A common misconception of renters, is believing they will be covered by the property manager's or home owners insurance. Their insurance covers the building but not your belongings or liability. In fact, many property management companies require residents to have renters insurance.

As with any type insurance, you should contact multiple companies for rates. Check with your insurance company about discounts for multiple policies such as renter and auto. Ask friends, family and coworkers for recommendations and search online for insurance carriers before making a selection.

Always understand what renters insurance covers. Floods and earthquakes are not typically covered and may require purchase of special coverage if you live in areas prone to those types of natural disasters. Also, coverage for wind damage from hurricanes can require you to buy a special rider. A rider provides additional coverage for something not specifically in the primary policy. Check with your insurance carrier and confirm what is and is not covered.

When shopping for renters insurance, verify if the company pays "actual cash value" (ACV) or "replacement cost value" (RCV) for claims on property. ACV will cover what your property was worth when damaged or stolen. RCV will cover what it costs to replace the property.

Most policies require the payment of a deductible before coverage is paid.

Replacement Cost Value may have higher premiums but will pay out more if you file a claim. Let your agent know if you own expensive items such as antiques, jewelry or art. You many need to purchase a separate rider for these items.

Once you've selected a company, contact a local agent to obtain a policy that is right for you.

Take an inventory of your belongings and include the model and serial numbers of all items which have such.

Pictures will help you remember the items that are located in each room and always keep proof of ownership such as purchase receipts if an unexpected accident were to occur.

To get in touch with us today, please contact us whenever you'd like.

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Panama City Rentals and Property Management
2110 W. 23rd Street, Suite A. Panama City Fl 32405
Direct: (850) 238-5527
Office: (850) 392-1700
Fax: (850) 522-3967