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Renters Insurance - HO-4 Coverage Magna UT

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.

The Ray Group Insurance Agency
(801) 349-8981
4123 Aubrey Lane
West Valley City, UT
Alternate Phone Number
801-349-8981
Services
Home, Auto and Life Insurance

Lisa Smith Allstate Insurance
(801) 321-4039
1206 W South Jordan Pkwy # D2
South Jordan, UT
 
Arnell Insurance Group
(801) 335-9970
230 W. 200 S.
Salt Lake City, UT
Services
Health Insurance, Wellness Programs, payroll services, Dental Insurance, Life Insurance

Express Insurance
(801) 203-3191
222 S. Main St. 5th Floor
Salt Lake City, UT
 
Abacus Life Insurance Salt Lake City
(801) 767-3386
175 S Main Street, ste 861 
Salt Lake City, UT
Alternate Phone Number
8017673386

Allstate-Ryan Davis
(801) 562-8866
2664 W 9000 S
W Jordan, UT
Alternate Phone Number
801 562 8866
Services
Auto, Home,Boat, Life, Renters, Condo

MetLife Auto & Home
(801) 432-8787
1108 W South Jordan Pkwy Ste A
South Jordan, VI
 
Workers Comp Fund of Utah
(801) 288-8708
392 East 6400 South
Murray, UT
 
Allstate Insurance - Dave Alvey
(801) 783-2432
2900 S. State St. Suite #200
Salt Lake City, UT
 
Long-Term Care Insurance Services
(801) 562-9119
257 East 200 South, Suite 100
Salt Lake City, UT
 

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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