Many people purchase renters insurance without knowing the exact parameters of their plan. Then, when it’s too late and they need to file a claim, they don’t understand how the claims process works.
This guide will outline the essential things you need to know about how renters insurance claims function:
• First, remember that you should always have a home inventory when it comes to renters insurance. Often, renters use a video camera to go through their entire rental property to have evidence of what they own. You can also take pictures and make a list.
• Your insurance adjuster will appreciate this video because it gives proper evidence that you own what you are filing a claim for, and it can also back up the value that you are claiming for your items.
• What if you don’t have a home inventory? You’ll need to make a list of the things that you’ve lost or that were damaged, and you need to attribute value to these things.
• You also should know about how claims are valued. There are two basic ways that insurance claims work: replacement cost or actual cash value. You want the former because it gives you the ability to be purchase your items at retail prices. If you take the actual cash value, you’ll get a depreciated price after you make your claim.
Contact Young Insurance to Learn More
If you are a Raleigh, NC resident and you are looking for a renters insurance plan or would like to learn more about what your plan covers and how claims are made, contact Young Insurance today. We are proud to serve the residents of Raleigh, NC and can help you find a plan that works for you. Give us a call or visit one of our offices at your earliest convenience to get in touch with an agent. We hope to hear from you soon!