Costs associated with litigation and decisions rendered by courts can be covered by liability insurance. Let’s say a neighbor falls down the stairs and hurts themselves in your house. Personal liability coverage on your home insurance policy can assist you in paying for your attorney’s fees, court costs, and damages awarded by the court if […]
Reviewed by Doretha Clemon Fact checked by Heather van der Hoop If you’re in the market to buy a home and you’re not a high-income earner, you know how difficult it can seem to make your homeownership dreams a reality. However, you may have more options than you think. You might also have the impression […]
Property insurance is a type of insurance meant to protect personal property. In most cases, it covers things like theft, damage to your building, other structures on your property, and your possessions. State law generally governs property insurance coverage, which can vary by state, insurer, and policy. An agreement between the insurer and the insured […]
In the event of a disaster, you might think that your landlord’s property insurance would cover damage to your belongings. However, you’d be wrong. Your landlord’s insurance only covers the building’s structures and common equipment, as well as their liability for injuries sustained on common property. Renters insurance, on the other hand, is needed for […]
It’s simple to set up renters insurance. You will have a reasonable idea of how much coverage you need once you have taken inventory of your belongings. Visit insurance companies online or call them to get quotes for various policy options. It’s always a good idea to get insurance quotes from a few different companies. […]
The National Association of Insurance Commissioners reported in its 2019 rate review, which looked at data from 2017. That the average renters insurance rate in the United States was $180 per year.3 At just $15 per month, renters insurance is one of the most affordable types of insurance you can buy. The amount of your […]
To make a decision, you’ll need to take into account your overall financial situation. Can you afford to replace most or all of your belongings in the event of a disaster or a robbery? What would happen if you had to leave your apartment for several months? Could you handle the potential high costs of […]
Typically, earthquake or flood damage to your home or its contents is not covered by standard homeowners insurance. Damages brought on by mudslides, landslides, sewer or drain backups, or surface water are also excluded. Additionally, nuclear accidents and acts of war are typically not covered by insurance policies. Damage to a vehicle, property used for […]
It’s important to know if your policy will cover on an actual cash value basis or a replacement cost basis. Actual Value vs. Replacement Cost Coverage Actual cash value plans only pay out what the items were worth at the time of the loss. You won’t be able to replace the loss with a brand-new […]
Example: The Accident in the Bathtub Picture yourself watching a movie in your living room when you suddenly hear water dripping. A portion of your ceiling opens up as you walk toward your living room, allowing water to begin pouring in. Everything in the area, including your television, is soaked. You contact your insurance company […]
