The only big name insurance provider that offers natural disaster protection in all of its policies is USAA, so get a quote from them if you’re eligible for membership. Natural disasters-In states that are prone to hurricanes and earthquakes, you’ll have to buy an endorsement to protect your property.There are certain situations and items that a base policy won’t cover: Bed bug remediation (ePremium)-Most companies don’t cover damage from pests, but with this add-on, ePremium will pay to get rid of your bed bugs and restore any damage caused by them. Decreasing deductible (Travelers)-This allows you to decrease your deductible throughout the term of your policy if you remain claims-free.Rent protection (Assurant)-If you’re unable to pay your rent, Assurant will help you with payments.Waterbed (State Farm)-This covers the loss of your waterbed and water damage caused by the loss.Travel protection (American Family)-This coverage provides travel perks, like trip cancellation and global medical insurance.There are a few companies that go above and beyond to offer unique endorsements: Water backup-This endorsement covers water damage caused by clogged pipes.Jewelry-This endorsement allows you to get coverage for items of high value that aren’t typically protected under personal property coverage.Scheduled personal property-Scheduled personal property covers valuable property that you’ve gotten appraised, like jewelry or artwork.Earthquakes-Base policies don’t typically cover natural disasters, but most providers will offer an endorsement for earthquake protection.Identity theft protection-If your identity is stolen, your company will help cover the costs associated with restoring it.Here are some of the more popular endorsements available: Most insurance companies offer a few additional coverage options called endorsements or floaters that you can tack onto your base policy. Here are some events that are typically covered under a policy when filing a personal property or loss of use claim: A standard amount of this coverage is $1,000 per person, but you can usually go up to $5,000 per person. If a guest is injured in your home, your policy will pay for their medical bills. Most landlords require $100,000 worth of this coverage. Liability coverage may even cover legal fees if someone sues you. For example, if your dog bites your neighbor and they need to see a doctor for stitches, or if you leave a candle burning and start a small fire that damages your neighbor’s belongings, liability coverage will protect you. This covers any incidents that you’re responsible for that causes bodily injury or property damage to someone else. For example, if you have $25,000 worth of personal property, your loss of use will be $5,000. This part of the policy is usually expressed as a percentage of the personal property coverage, with 20% being common. Depending on the company and its loss of use coverage, you may get coverage for the hotel room, laundry, and food. If a covered loss makes your apartment temporarily unlivable, your insurance company will cover additional living expenses. An actual cash value policy gives you enough money to replace the items based on their value today. A replacement cash value policy costs a little more, but it replaces your items as if they are new. Note: There are two types of personal property policies-replacement cash value (RCV) and actual cash value (ACV). The average renter has $25,000–$30,000 worth of personal property coverage, so use that as a point of reference when estimating the value of your items. To ensure you purchase the right amount of coverage, take inventory of your belongings and estimate their value. This part of your policy covers damage to your personal belongings caused by a covered peril. A renters insurance typically includes four types of coverage: personal property, loss of use, liability, and medical payments to others.
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