We'd be renting a downtown apartment in Chicago. Is there any type of renters insurance for the condo tenants that would cover our contents?
Total Comments: 10
Posted: Tue Feb 02, 2010 12:43 pm Post Subject:
Sure a standard renters policy would handle this...contact your agent.
Posted: Wed Feb 03, 2010 11:18 am Post Subject:
Many of us would tend to believe that our Landlord's insurance covers our own belongings. But that doesn't happen always. Condo rental insurance covers our belongings in the event they get stolen or destroyed.
Posted: Wed Feb 03, 2010 12:21 pm Post Subject:
But that doesn't happen always.
That NEVER happens in my experience, I guess there could be a very rare occurance, that placed negligence on the landlord for some wrong doing, but I've never seen it happen.
Posted: Wed Feb 03, 2010 07:58 pm Post Subject:
Certain carriers offer endorsement to condo and Dwelling fire contracts that will allow coverage up to a certain amount to cover the tenant's personal property, but it's rarely done.
Best bet is to do what's been suggested- buy a simple renter's policy, known in the industry as a "Homeowner's Form 4- Tenant" policy. They're inexpensive and will cover you on a "named perils" basis for your personal property. As well, your personal liability and medical payments coverage will be included in the contract. Make sure that you have "replacement cost" coverage endorsed onto your policy when purchased, and do NOT purchase coverage that will only compensate you for the depreciated value of the items claimed. Depreciated value is known as "Actual Cash Value" or "ACV" coverage. This settlement basis will consider the replacement cost of the claimed item and then subtract depreciation from that value.
InsTeacher 8)
Posted: Thu Feb 04, 2010 10:52 am Post Subject:
Condo rental insurance is good for the seasonal tenants. You'll often come across Condo rental agreements wherein it's clearly stated that the landlord wouldn't be obligated to replace your personal items in the event they get damaged due to flood or fire.
Posted: Fri Feb 05, 2010 07:42 am Post Subject:
If your renters insurance is a good one, then you'll stay covered for damages caused due to smoke, lightening and theft of some precious items.
Remember, if you don't have the financial strength to replace your daily necessities, then you have to look for a condo renters policy.
Posted: Fri Feb 05, 2010 09:49 am Post Subject:
Many of us would tend to believe that our Landlord's insurance covers our own belongings. But that doesn't happen always.
The condo association insurance would never cover your personal belongings or any damage within your personal walls. This is why the need to buy your own personal condo insurance arises. If there is water damage to the walls of your living room, you won't get any coverage from the insurance bought by the association. You are responsible for your own unit. With condo insurance (your own) you can have coverage for liability protection for bodily injury or any property damage to others.
Posted: Wed Feb 10, 2010 05:14 am Post Subject:
See, if someone slips and gets injured inside your Condo, you might just be facing a civil lawsuit. What do you do under such circumstances? If you have renters insurance with a good carrier, then you'd be saved from a lot of hassles.
Posted: Fri Feb 12, 2010 12:59 pm Post Subject:
In the event of a natural disaster or burglary, the outcome might just turn out to be a big financial blow. It takes a lot of pain both emotionally and financially to get things replaced. Just imagine how many things you have inside your Condo!
Posted: Thu Jun 11, 2015 07:29 am Post Subject: Advise please
Hello,
I am living in San Francisco bay area.
I'd like to create my niche in a tenants coverage area.
Please do advise me with all positive , negative possibilities of getting success in my niche area.
Thanks a lot...
Posted: Tue Feb 02, 2010 12:43 pm Post Subject:
Sure a standard renters policy would handle this...contact your agent.
Posted: Wed Feb 03, 2010 11:18 am Post Subject:
Many of us would tend to believe that our Landlord's insurance covers our own belongings. But that doesn't happen always. Condo rental insurance covers our belongings in the event they get stolen or destroyed.
Posted: Wed Feb 03, 2010 12:21 pm Post Subject:
But that doesn't happen always.
That NEVER happens in my experience, I guess there could be a very rare occurance, that placed negligence on the landlord for some wrong doing, but I've never seen it happen.Posted: Wed Feb 03, 2010 07:58 pm Post Subject:
Certain carriers offer endorsement to condo and Dwelling fire contracts that will allow coverage up to a certain amount to cover the tenant's personal property, but it's rarely done.
Best bet is to do what's been suggested- buy a simple renter's policy, known in the industry as a "Homeowner's Form 4- Tenant" policy. They're inexpensive and will cover you on a "named perils" basis for your personal property. As well, your personal liability and medical payments coverage will be included in the contract. Make sure that you have "replacement cost" coverage endorsed onto your policy when purchased, and do NOT purchase coverage that will only compensate you for the depreciated value of the items claimed. Depreciated value is known as "Actual Cash Value" or "ACV" coverage. This settlement basis will consider the replacement cost of the claimed item and then subtract depreciation from that value.
InsTeacher 8)
Posted: Thu Feb 04, 2010 10:52 am Post Subject:
Condo rental insurance is good for the seasonal tenants. You'll often come across Condo rental agreements wherein it's clearly stated that the landlord wouldn't be obligated to replace your personal items in the event they get damaged due to flood or fire.
Posted: Fri Feb 05, 2010 07:42 am Post Subject:
If your renters insurance is a good one, then you'll stay covered for damages caused due to smoke, lightening and theft of some precious items.
Remember, if you don't have the financial strength to replace your daily necessities, then you have to look for a condo renters policy.
Posted: Fri Feb 05, 2010 09:49 am Post Subject:
Many of us would tend to believe that our Landlord's insurance covers our own belongings. But that doesn't happen always.
The condo association insurance would never cover your personal belongings or any damage within your personal walls. This is why the need to buy your own personal condo insurance arises. If there is water damage to the walls of your living room, you won't get any coverage from the insurance bought by the association. You are responsible for your own unit. With condo insurance (your own) you can have coverage for liability protection for bodily injury or any property damage to others.
Posted: Wed Feb 10, 2010 05:14 am Post Subject:
See, if someone slips and gets injured inside your Condo, you might just be facing a civil lawsuit. What do you do under such circumstances? If you have renters insurance with a good carrier, then you'd be saved from a lot of hassles.
Posted: Fri Feb 12, 2010 12:59 pm Post Subject:
In the event of a natural disaster or burglary, the outcome might just turn out to be a big financial blow. It takes a lot of pain both emotionally and financially to get things replaced. Just imagine how many things you have inside your Condo!
Posted: Thu Jun 11, 2015 07:29 am Post Subject: Advise please
Hello,
I am living in San Francisco bay area.
I'd like to create my niche in a tenants coverage area.
Please do advise me with all positive , negative possibilities of getting success in my niche area.
Thanks a lot...
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