Lauren Pearl
Pearl Personal Concierge
www.pearlpersonalconcierge.com

C.L. – Tarzana, CA

In the slightly confusing insurance world, renter’s insurance is something of an oasis of clarity.

Your landlord most likely has insurance, but it probably only covers the building that you’re in. Renter’s insurance protects the property of those who rent their homes against theft and damages caused by accidents (fire) and natural disasters (hailstorms, lightning, wind).

Despite its intrinsic straightforwardness, renter’s insurance does offer some choices for consumers. Renters can work with carriers to set limits in terms of coverages and deductibles; higher coverage amounts and lower deductibles mean higher monthly payments.

Another interesting variable is the actual cash value (ACV) of belongings versus the replacement cost. Most items depreciate in value over time, so the cost of replacing them will exceed their ACV. Accordingly, replacement policies will be more expensive but will likely still appeal to those who are attached to their belongings, whether for sentimental or professional reasons. If you’re not too attached to your stuff and like to keep things fresh, an ACV policy might be attractive.

One of the best options available to those who opt for renter’s insurance is personal liability coverage. This protects you against a lawsuit stemming from a visitor getting hurt at the property you rent. If someone slips on a puddle under your icebox and tears up her knee, you might be vulnerable to a lawsuit; renter’s insurance can protect you. Most renter’s policies include liability coverage but you should check with your provider just to make sure.

If your rental property is indeed rendered uninhabitable by an accident or natural disaster renter’s insurance can cover the cost of temporary alternative housing.

Renter’s insurance is a good way to protect your family and your belongings in the case of an accident inside the property you’re renting. It’s not terribly expensive, and can also be secured at a discount when bundled with our insurance types, especially automotive.

Being prepared is a high priority if you live in an area that is prone to earthquakes. Learn how to prepare for an earthquake so that you can survive this natural disaster safely. These earthquake safety tips will help protect your property as well as your family.

Earthquake drills help you practice what to do when an actual earthquake hits. Brace yourself in an inside corner of the house or building, covering both your face and head with your arms. You can also look for a sturdy table or desk to hide under, making sure to get away from glass doors and windows.

Deeds, social security cards, insurance policies (including earthquake insurance), wills and other valuables and important documents should be placed in a fireproof safe.

Create both a digital list, which will be kept online with a data storage service, and a pencil and paper list of your household inventory valuables.

Enough bottled water and food for three days should be stored away.

Utensils, a battery operated radio, batteries, first-aid kit, flashlight, and a can opener should be a part of your earthquake emergency kit.

It’s important for every homeowner to know the ins and outs of his or her home insurance policy, but sometimes knowing what isn’t covered can be just as important as knowing what is. Here are 10 home insurance exclusions that every homeowner should be aware of.

1. Mold Damage Most home insurance companies exclude mold damage from their policies. Unlike a fire or tornado, insurers see mold damage as a problem that grows over time, and homeowners are expected to take preventive measures to prevent mold spores from spreading throughout the home. If left unchecked, mold can cause structural damage to the home as well as serious health issues for residents.

2. Floods, Earthquakes, Landslides As many homeowners found out in the aftermath of Hurricane Katrina, flood insurance is not covered under a standard home insurance policy. For protection against flood damage, you’ll need to purchase a separate flood insurance policy. Earthquake and landslide damage are also notable home insurance exclusions. You will need separate coverage for damage caused by these perils.

3. Aggressive Dog Breeds If your pet is a poodle or a Chihuahua, your home insurance company probably won’t bat an eye. Owning a pit bull, Rottweiler or other dangerous breed, however, may make it difficult-in some cases, impossible-to find home insurance coverage. Depending on your location, insurer and other factors, home insurance exclusions may apply to the following dog breeds:

•   Pit bulls
•   Staffordshire Terriers
•   Doberman Pinschers
•   Rottweilers
•   Chows
•   Akitas
•   Presa Canarios
•   Wolf-hybrids

If you own a “blacklisted” breed, you may be charged more for coverage or denied a policy altogether; you can ask your insurer to exclude your dog, in which case you’ll be financially responsible for any damage it causes.

4. Neglect Insurers expect homeowners to care for their homes and repair minor problems. This includes sealing cracks, minimizing water damage, fixing damaged pipes, scheduling regular inspections and more. For example, if a storm causes your tree to fall onto your home, you’re probably covered. However, if your tree collapses onto your home because of a termite infection that went unchecked, you may be responsible for the resulting damage.

5. Sewage Backup Infamous home insurance exclusions include sewer damage. For instance, if a toilet overflows and you have to hire a professional crew to mop up the mess, you’ll probably be left footing the bill. Sewage backup usually isn’t covered by home insurance unless you’ve purchased a separate rider.

6. Luxury Items If you keep especially valuable items in your home, you probably need to purchase additional theft liability coverage. According to the Insurance Information Institute, most standard home insurance policies only cover up to $1,500 for damage or theft. Items that may require additional coverage include: • Jewelry • Antiques • High-end electronics • Collectibles Contact your home insurance agent if you have items that requires additional coverage.

7. Power Outages The most common and expensive damage occurs when power is restored and a surge of electricity floods the home’s circuits. These blasts of electricity can cause computers to lose information, electronic devices to overheat and large appliances to malfunction. In addition to making use of surge protectors, home insurance companies expect homeowners to unplug all sensitive electronic appliances and leave them unplugged until power is restored.

8. Intentional Damage by a Resident Intentional damage caused by a resident of the home is not covered by home insurance. For instance, if your teenage daughter purposely sets fire to your home after a heated argument, you’re on your own to cover the losses.

9. War, Terrorism, Nuclear Attacks If your home is destroyed in a riot, you’re probably covered for the damages. But if a foreign army, terrorist attack or nuclear meltdown damages or destroys your home, your home insurance policy won’t cover you.

10. Trampolines Insurance companies consider trampolines to be an extreme risk to personal safety-and a lawsuit waiting to happen if a neighbor is injured while jumping on your trampoline. That’s why many home insurance companies refuse to extend coverage to trampolines, and your current insurer may threaten to cancel your policy if you purchase one.

All of a sudden “what happens if” takes on new meaning.

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