The insurance your land lord or condo association may have, but only the building structure is protected and not the personal items inside it. In disaster renters insurance is the insurance which comes to help and protect your personal things.
What standard policy cover is to be known by the people? Residential policies are of various types. The HO-four type is exclusively designed for the renters and condo owners have the benefit of HO-six losses the cover from personal property of yours from sixteen types of perils;
Fire or lightning or fire, explosion, windstorm or hail, damaged cause by vehicle or aircraft, smoke, civil or riot commotion, theft, falling objects ,eruptions of volcano, malicious mischief weight of snow, ice or sleet. other then this it could be a house home appliance overflow of water or steam discharged accidental within a plumbing, heating, air conditioning, or automatic fire - protective sprinkle system. Suddenly or with mistake caused damage from artificially generated electric current (loss to a tube, transistor, or similar electronic component is not included)
Earthquakes and floods are not in the list. And if you stay in an area prone to either earthquake or floods then you need to buy a separate policy or rider to cover wind damage you might need to buy a separate rider or a policy, when hurricane might pose a threat, in some coastal regions.
Actual cash value or a replace value is the next step in renter insurance. One should always tell the agent of the valuables we have .one important thing to be noted is that the company will offer you the actual cash value (acv) or replacement cost coverage for our thing as the name specifies. In ACV coverage you will get the amount of the product which is lost or damage, of the property worth at the time of stolen. if a television brought today then it would be of less price tomorrow .while you still need to spend the same amount more amount for a new television. The insurance company will pay you only the amount of the old television worth minus your deductible price.
Replacement cost coverage, on the other side will pay you the amount what will actually cost to replace the item you lost or been damaged minus the deductible in most regions they write ACV coverage. Otherwise the coverage will quote you the replacement cost coverage by default. Replacement cost coverage will cost the individual cost more in premium. But it can also pay you more if ever you need to file a claim your agent should be informed about the expensive and valuable items you have antiques, jewelry electronics are items that are not paid fully as in they are paid only to an amount and not for there replacement amount. Your expensive items like a diamond ring you will appropriately want to purchase a separate rider.