Renters Insurance

There are three main pillars of renters insurance: personal possessions, living expenses, and liability. Your personal possessions is the value of the things that you would remove from the home if you needed to move from it for any reason. Living expenses are the reasonable additional expenses that you incur in the event you need to move from the home you are renting. Liability helps cover you or your guests if someone gets injured while they are in your home.

Technically, that depends on your lease. But, we always recommend that anyone renting a property, regardless of lease requirements, have renters insurance at all times. It helps to protect you against unforeseen events and circumstances and it’s the best way to make sure you and your belongings stay protected.

This depends on a few factors, one of those factors being the total value of the personal possessions that you have. Your broker will help you understand the amount of liability coverage that you need based on where you are renting, how much your rent is, and the general risks associated with those factors. Your living expense coverage tends to be determined by market rates, as well as some individual factors.

Your landlord is responsible for covering the dwelling itself, as well as holding a general liability policy. So, if the home has issues that make it uninhabitable, the landlord would be responsible for covering that. Think of it as the renter is responsible for non-permanent possessions in the property and themselves, and the landlord is responsible for the property and themselves.

Yes, each tenant or roommate will ne ed their own renters insurance. This is because your possessions are not their possessions, unless you are married, which means that you will need separate policies. Additionally, landlords that require renters insurance will often require all parties to have their own
insurance. There is an option to add a roommate to a policy, but you’ll want to consult with your insurance broker to make sure you have all the paperwork needed, and are allowed to do that on your policy.

Security deposits are often refunded at the end of a lease, barring damage or exceptions outlined in the lease, whereas renters insurance is intended for long-term protection and can follow you from lease to lease. There is also such thing as security deposit insurance, which you will want to consult with your insurance broker about.

No, you will want to make sure that your renters insurance has the updated address on it. It’s important to keep it during the your move, too, as it can sometimes cover losses during the moving process. If you do not update the address, you are technically insuring things at your old address. When you work with Hamilton Insurance Partners, we check in with you periodically to make sure your information always stays updated.

If you are required to have renters insurance by your landlord, you will often need to provide proof of policy before your move-in date. In some instances, you can start your policy early to help protect you against loss during the moving process. So, we recommend that as soon as you have a moving plan and a confirmed address that you start the process of obtaining renter’s insurance.

You work with Hamilton Insurance Partners! As a trusted insurance broker, we can make sure that you have the right amount of coverage for all of your belongings and the property you are moving into. It’s our job to make sure that you stay safe and protected when the unexpected happens!

Homeowners Insurance

Typically, your policy will cover the structure of your home and the personal belongings that you keep inside of it. No, that doesn’t include if you park your car in the garage. This coverage will typically cover specific events such as vandalism or natural disasters. This policy can also protect the detached parts of your home, like a fence, deck, shed, etc.

There are a few different policies available that will cover your unique needs. For example, new townhome owners still need homeowners insurance. However, sometimes, HOAs cover exterior maintenance, which would qualify for condo insurance. It’s important to review your exact situation with your insurance broker to make sure you have adequate coverage.

You are not required, by law, to have home insurance. However, if you are intending to use a mortgage to purchase a home, your lender will require you to have insurance. Even if you are purchasing a home in cash, it’s highly recommended to get insurance to protect your high-value investment.

There is no fixed cost for homeowners insurance because each situation is unique. A policy for a multi-millionaire with high-value assets tends to be more expensive than a policy for a first-time condo owner. Again, it’s important to have a knowledgeable broker on your side to ensure you get the right coverage for your new home and everything you plan to keep in it.

This is the maximum amount that you would pay out of pocket if you were to have to file a claim with on your insurance policy. This amount is either a fixed number or a percentage of your home’s insurable value. This is intended to protect you from extreme out-of-pocket expenses.
Does home insurance cover damage caused by my pets?

Unfortunately, general wear and tear or accidents caused by pets tend not to be covered by homeowners insurance policies. When you are getting your policy, your broker will ask about any potential risks, pets being one of them, and those risks will ultimately determine your available coverage. Liability coverage can protect you and your pets if they happen to cause injury to someone or damage to their property.

Liability coverage protects you financially against lawsuits resulting from injury or damage that you or someone covered under your policy inflicts elsewhere. This can also cover damage or injury that your pets might cause.

Generally speaking, you want to evaluate your coverage with your broker every year. The reason is because things are constantly changing – including what we own and the value of it. Re-evaluating your policy will make sure that you and your belongings are sufficiently covered and won’t be left high and dry with huge replacement costs.

As costs continue to raise, and market values for items match that trend, the cost of homeowners insurance increases too. Insurance rates have to match inflation, similar to many other expenses. However, working with an experienced broker can make sure that your premium increases by as little as possible, and as infrequently as possible.

Auto Insurance

Auto insurance is an agreement between you and an insurance company. It provides financial protection if your vehicle is involved in an accident or theft. It covers damages to your vehicle, liability for harm caused to others, and medical expenses.

Auto insurance is mandatory in most states to drive legally on public roads. It also provides financial protection in case of accidents, which can be expensive to repair or replace vehicles and cover medical expenses.

Auto insurance typically covers damage to your vehicle caused by collisions, theft, vandalism, natural disasters, and other specified events. It also covers liability for bodily injury or property damage to others, as well as medical expenses for you and your passengers.

Several factors can affect auto insurance rates, including your age, driving record, the type of vehicle you drive, where you live, your credit score, and the coverage options you choose. Additionally, insurance companies may consider factors such as your marital status, occupation, and annual mileage.

You can lower your auto insurance premiums by maintaining a clean driving record, choosing a higher deductible, driving a safer vehicle, bundling your auto insurance with other policies, and taking advantage of discounts offered by insurance companies.

A deductible is the amount you agree to pay out of pocket before your insurance coverage kicks in. For example, if you have a $500 deductible and your vehicle sustains $2,000 in damage from an accident, you would pay $500, and your insurance company would cover the remaining $1,500.

Liability insurance covers bodily injury and property damage that you may cause to others while driving. It is typically required by law and helps protect you financially in case you are sued for damages resulting from an accident.

Collision insurance covers damage to your vehicle caused by collisions with other vehicles or objects, regardless of fault. It helps pay for repairs or replacement of your vehicle if it is damaged in an accident.

Comprehensive insurance covers damage to your vehicle caused by events other than collisions, such as theft, vandalism, natural disasters, and falling objects. It provides broad protection for a variety of risks.

In some cases, your auto insurance policy may provide coverage when you drive someone else’s car with their permission. However, coverage can vary depending on the terms of your policy and the specific circumstances of the situation. It’s best to check with your insurance provider to understand your coverage options.