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Renters Insurance - HO-4 Coverage Lahaina HI

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.

D'Amato Michael
(808) 661-3542
674 Luakini St
Lahaina, HI
 
New York Life Insurance Company
(808) 667-7664
727 Wainee St Ste 107
Lahaina, HI
 
Fidelity National Title Insurance Company Inc
(808) 661-4960
181 Lahainaluna Rd Ste A
Lahaina, HI
 
Insurance Associates Inc
(808) 879-1602
2141 Awihi Pl Apt 1
Kihei, HI
 
Allstate Insurance Companies
(808) 879-4309
357 Huku Lii Pl Ste B101
Kihei, HI
 
Citifinancial
(808) 661-4813
2580 Kekaa Dr Ste C
Lahaina, HI
 
State Farm Insurance
(808) 667-7888
325 Keawe St Ste 104
Lahaina, HI
 
Lance Migita State Farm Insurance Agency
(808) 874-2555
411 Huku Lii Pl Ste 304
Kihei, HI
 
Insurance Factors
(808) 879-8122
1325 S Kihei Rd Ste 210
Kihei, HI
 
Kersten & Associates
(808) 261-0982
458 Aulima Loop
Kailua, HI

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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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