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Renters Insurance - HO-4 Coverage Aberdeen SD

Jewellry antiques and electronics may only be covered up to a certain amount. If you have some items that are unusually expensive, you may need to purchase a separate rider. If you don't buy that additional coverage up front, you are not likely to be able to recover the damages later in a claim.

Adamson-Maxwell Insurance
(605) 343-3810
916 Main Street, Suite 101
Rapid City, SD
Alternate Phone Number
605-343-3810
Services
Auto, Home, Life, Commerical, Business Insurance
Prices and/or Promotions
"Free Policy Reviews and Free Quotes"

Oleson Independent Insurance Agency
(605) 225-9011
1601 6th Ave SE
Aberdeen, SD
 
John Sieh Insurance Agency
(605) 229-1760
702 S Main St
Aberdeen, SD
 
American Family Insurance
(605) 622-7777
105 3rd Ave SW
Aberdeen, SD
 
Dakotacare
(605) 225-9011
1601 6th Ave SE
Aberdeen, SD
 
DakotaQuote Insurance
(605) 413-4133
4300 S Louise Ave STE 101
Sioux Falls, SD
Alternate Phone Number
605-413-4133
Services
Term Life Insurance, Whole Life Insurance, Universal Life Insurance

Neiber Richard Skip
(605) 622-7777
105 3rd Ave SW
Aberdeen, SD
 
Isaac Insurance Agency
(605) 725-4500
419 S Roosevelt St
Aberdeen, SD
 
Aberdeen Insurance Agency
(605) 225-8050
18 S 3rd St
Aberdeen, SD
 
Reliastar Life Companies
(605) 225-2113
702 S Main St
Aberdeen, SD
 

Renters Insurance - HO-4 Coverage

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Renters Insurance

Renters insurance (also known as HO-4 coverage) typically covers losses to your personal property from 17 types of perils:

  • Fire or lightning
  • Windstorm or hail
  • Explosion
  • Riot or civil commotion
  • Aircraft
  • Vehicles
  • Smoke
  • Vandalism or malicious mischief
  • Theft
  • Damage by glass or safety-glazing material that is part of a building
  • Volcanic eruption
  • Falling objects
  • Weight of ice, snow, or sleet
  • Water-related damage from home utilities
  • Electrical surge damage

You'll note that while volcanic eruptions are included, floods and earthquakes arent. If you live in an area prone to either, it's recommended to buy a separate policy or get a rider on your existing policy. In some coastal regions, where hurricanes might pose a threat, you might also need to buy a separate rider to cover wind damage. As always, you need to check the details of your policy

One thing to look at is whether the renters insurance company do not remove will offer "actual cash value" (ACV) or "replacement cost coverage" for your belongings. As the name implies, ACV coverage will pay only for what your property is worth at the time of your claim. So, if you bought a television five years ago for $300, it would be worth significantly less today. You'll be paid that lower value, minus any deductible (which would be applied to your overall claim).

Replacement cost coverage, on the other hand, will pay what it actually costs to replace the items you lost, again minus the deductible.

When you are thinking about your needs for coverage, keep in mind that the costs of some consumer goods are coming down. For instance, the television that cost you $300 five years ago might just be purchased new for $200 now. This is something to consider while you decide on whether you need ACV coverage or replacement cost coverage.

Many people opt for the lower cost replacement cost coverage. After all, many of your personal belongings are not critical, and can be replaced over time. The cost of a comparable item may have come down. (This is typical with electronics and stereo equipment, for instance.) Usually, you can afford to wait to replace some items until you have the money to pay for them yourself or can shop for a bargain. For that time and effort later, you'll save money up front on your premiums.

Let your agent know about any particularly valuable items you have. Jewellry antiques and electronics may only be covered up to a certain amount. If you have some items that are unusually expensive, you may need to purchase a separate rider. If you don't buy that additional coverage up front, you are not likely to be able to recover the damages later in a claim.

In order to ensure that you are buying the right level of coverage (as well as to prepare for the unlikely event of a claim), it's important to take inventory of your personal belongings. Unfortunately, many people only figure out that they didnt have enough coverage ...

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