Even though you may not be concerned about theft, the risk of water or sewer backup damage coming to your home from another suite is very real when living in an apartment building. A tenant’s insurance policy will cover the cost of cleanup and even the cost of you staying in a hotel while cleanup and repairs take place.
A deductible is the amount of a claim that you need to pay yourself. In other words, if you are receiving payment from the insurance company for a loss that is covered by your policy, you will be required to pay the deductible amount and the insurance company will pay over and above the deductible.
Insurance companies adjust their rates from time to time to reflect changing conditions and risks. However, not every increase is just because insurance is more expensive. Home insurance companies increase your coverage every renewal by an “inflation factor.” This means you are getting more coverage on your policy to keep in line with inflation making it more expensive to replace your home and personal property. The inflation factor is meant to prevent you from not having enough coverage.
Our insurance specialists are here to review your policy with you to make sure the coverage and price are right for you.