Your Rental Insurance policy covers damaged, lost, or stolen personal possessions. It also provides an amount of coverage in the event a visitor should become injured in the home you are renting. Coverage amounts will vary depending on the policy you choose to purchase. So, review your policy anytime you make a new purchase or upgrade.  A good time to review your coverage is before an incident happens and you need to file a claim.

It is good to know how a future incident will be covered under your policy. Here are some suggestions to prepare yourself in the event you need to file a claim against your Renters Insurance policy:

 

Know What Your Rental Insurance Policy Covers

Rental Insurance will cover the property that is in your home up to the stipulated amount. Consider that the items in your home will have depreciated in value over time due to wear and tear. How much you paid for the item will not necessarily be how much your policy will cover to replace the items you are claiming.  An Actual Cash Value policy will cover the value of the item at the time of the incident. A Replacement Cost policy will cover the actual amount to replace the item you purchased with no depreciation.

Most policies will cover damage due to fire, but they will not cover a flood, earthquake or tornado. If you live in an area prone to natural disasters, you may want to consider purchasing these ‘endorsements, ’ or your claim will most likely be denied. Check your outline of coverage to see if you are covered under your current policy. If not, speak with your agent to see what endorsements would be good for you.

Another area of coverage you need to take into account is your precious items. Often, we have items in our home that are of undetermined value. Collections, jewelry, and other high-value items may need additional coverage because they have ‘special limits.’ Check with your agent to see how to purchase an ‘endorsement’ for your high dollar items that are deemed irreplaceable.

 

 

Know What You Need to File a Claim

Before you do anything, make sure you are safe. Do what you need to do to protect from further loss, but keep track of expenses as some of these may be reimbursable. Then, contact the authorities and your landlord. After you have taken care of safeguarding your home, give your insurance company a call. Just remember that once you have a qualifying event, the clock starts ticking.

Your insurance company gives you a specific amount of time to file your claim. Usually 48 to 72 hours from the time of the incident. Check your policy for the details. Then, gather the following information before you make your call to help things run more smoothly.

The first thing you will need is your policy number. Most companies give you a card with your policy number and their claims number printed on it. Have that card in a place you can easily access.

Second is the details regarding the event. Your insurance company will need to know what happened, when it occurred, and will also need to know what items are affected. Have a list ready.

They will also need a phone number where you can be reached easily should they need to get additional information or to clarify a detail you have already provided.

 

Be Patient in the Claim Process

After you have filed your claim, your patience is appreciated. Keep in mind that your insurance company has your satisfaction in mind. Sometimes they are inundated with claims, especially when an event has affected a large area where you live.

The more detail you give your agent, the quicker your claim can be reviewed and approved.  If your policy does not have adequate coverage, or if your incident falls below your deductible amount, it can be denied. So, make sure you are always prepared with adequate coverage to protect you and your family.