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Renters Insurance
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When To Cash In Life Insurance
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Renters Insurance
If you don't own your own home, and are renting instead, you may think that you're covered by your landlord's insurance policy. The fact is, though, that you're not - a landlord's property insurance covers damage to the structure of the property itself, but it does not cover your personal possessions or liability. For that, you need renter's insurance.
Standard Renter's Insurance Policies
A typical renter's insurance policy will cover you for the following types of damage:
Fire and smoke
Windstorm, hail, and lightning
Ice, snow, and sleet
Explosions and volcanic eruptions
Aircraft and ground vehicles
Riots and other civil disturbances
Vandalism and other malicious destruction
Falling objects
Water damage caused by home utilities, and damage caused by electrical surges
If the property you are renting becomes uninhabitable due to these types of damage, your renter's insurance will cover your displacement costs. Usually this means that your insurance will pay rent for another property while your original property is repaired, or until you relocate to a permanent home. This coverage is typically limited to 30-40% of the total value of your policy. There is typically a time limit attached to this type of coverage - once you reach the limit, the insurance will no longer cover expenses. The time limit varies depending on the specific policy, but is usually no longer than twelve months. Some insurance companies cover you for what they term "a reasonable length of time". If this type of clause appears in your policy, try and get your company to explicitly state what they consider reasonable, to prevent the possibility of an unwelcome surprise if you end up in a situation where you need to make this type of claim.
Renter's insurance has another benefit which you may not have considered. Your renter's insurance also covers you for liability, meaning that if someone is injured while on your property, you are covered for the cost up to your liability limit (which is determined by your specific policy terms). This means you are covered for that person's medical expenses, legal costs if they should decide to sue, and any damages they might be awarded.
Note that flood and earthquake damage is not on the coverage list - a standard renter's insurance policy does not cover these types of damage, because these phenomena tend to be restricted to certain parts of the country. If you live in an area where such things occur, then you'll need a separate policy if you want coverage. Additionally, if you live in a coastal region where hurricanes may be particularly destructive, extra coverage might be required for windstorm damage.
Guaranteed Replacement Cost Coverage
Another important factor to consider when shopping for renter's insurance is whether the policy will cover "actual cash value" or "replacement cost". Actual cash value means you are covered for the value of your possessions at the time damage or theft occurred, not what it cost you to buy them. Guaranteed replacement cost coverage is a good idea for items that depreciate quickly, such as electronic and computer equipment.
Reduce your Rental Insurance Costs
The amount you'll pay for insurance depends on your location, your deductible, the company and policy you choose, and on whether or not you decide to pay for additional coverage. Take the time to shop around a few different companies to get the best rates. These days, most companies offer reduced premiums if you install smoke and fire detectors, burglar alarms, and fire extinguishers on your property. You can also reduce your premium by paying a higher deductible.
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COBRA Health Insurance
COBRA is the acronym for 'The Consolidated Omnibus Budget Reconciliation Act' set up in 1985 and this law states that the health insurance cover of an employee will continue for at least 18 months after termination of employment. There are some cases where the limit extends to as much as 29 to 36 months and most companies who have the group insurance scheme are subject to COBRA.
The beneficiaries of COBRA are those people who lose their jobs and because of this law will not simultaneously lose their health insurance cover also. It basically aims at helping them though a rough patch. A terminated employee can buy health insurance for his family if it was done so while he was employed and for himself and this will be at the group rate which is payable by the employer 100% every month with a 2% surcharge. All companies are aware of the rules that apply to their respective employees.
If an eligible employee gets the sack, is laid off or encounters any change in his employment status like reduction in working hours, death or divorce of the eligible employee then the COBRA comes into play. It continues as per schedule or until the employee has got another individual or group health plan.
By law, employers must inform former eligible employees that they have an option to buy health insurance through COBRA specifying the cost of the cover and the employee in turn has up to 2 months to accept this cover. COBRA extends the health insurance for 18 months so a terminated employee as well as other participants of COBRA don't have to worry about the benefits changing as the only change is that the person paying the monthly premium changes and family members who were covered remain so. The coverage changes only if the former employer changes its policies regarding health insurance plans that it offers to its employees.
COBRA is a temporary measure and it is designed as such. On expiry of the time limit one finds that if measures have not been taken to get employment or another health cover you may find yourself without cover at all. It is unpredictable and one should protect against a situation where a serious condition is found like cancer while under the cover of COBRA and this makes you an uninsurable person for other health plans as now you have a pre-existing condition.
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