Page 6 - Chehalis Tribal Newsletter - October 2014

Why have Renters Insurance? building – the walls, roof, fxtures, does not factor in depreciation. foundation, plumbing, furnaces and The downside is that the annual Being a renter often means having claim payouts. any appliances that are not owned premiums for RCV policies tend fewer things to worry about. Got a by the renter – are all part of the to be about 10 percent higher plumbing issue? Call the landlord to In all of the most important ways, landlord’s policy. that ACV ones, according to the fx it. The refrigerator in your rented renters insurance is virtually identical While most renters focus on the Insurance Information Institute. house stopped working? Call the to homeowners insurance. Both types relative value of their possessions Costs owners and have them replace it. of insurance offer: when choosing renters insurance, „ Coverage for personal possessions they should also consider their risk of Renters insurance is not mandated by But what if your apartment gets against damage due to fre, smoke, neighbors, or visitors fling lawsuits any government, but an increasing burglarized? Or worse yet, suffers lightning, theft, vandalism, after getting injured in the renter’s number of landlords are beginning to smoke damage in a fre? Some renters explosion, windstorm, water, and apartment, or another person’s require tenants to purchase coverage may think that everything they have other disasters listed in your policy. property getting damaged when they of up to $100,000 as part of their lease inside their apartment is insured Possessions – sometimes called bring it to the rental unit. agreement. under the landlord’s policy, but that movable possessions –can include The premiums for most renters is not true. The landlord’s policy only furniture, clothing, electronics, How it works insurance policies with a $50,000 covers the building itself. appliances, kitchen utensils and bed When a claim is fled, the adjuster property value limit are usually in the linens. inspects the damage that was done range of $100 to $300 per year, with Many insurance companies offer and determines the monetary value a national average of $185 per year, renters insurance (aka tenants „ Liability coverage, which protects of the loss. If your claim is accepted, according to the III. This is a very insurance or apartment insurance) that against lawsuits for bodily injury you can be reimbursed in two ways, affordable fgure when compared to is tailored to ft the specifc needs of or property damage caused by you depending on how your policy is III’s reported national average of $909 tenants. Historically, renters insurance or your family members, as well as structured: per year for homeowners premiums. has not been nearly as popular as no-fault medical coverage in case a homeowners insurance. According to visitor is injured in your home. „ Actual cash value (ACV). This The insurance that the Tribe carries method would reimburse you for a 2012 Insurance Information Institute „ Additional living expenses – your lost or damaged possessions on rental units does not cover renters. (III) poll, 96 percent of homeowners including hotel bills, restaurant In the event of a loss the Tribe’s had homeowners insurance, but only meals and other expenses above only after accounting for the age insurance only covers the cost of 31 percent of renters had renters and beyond your daily expenses of each item and discounting for the structure. If you want to obtain insurance. – in case your home becomes the wear and tear, or depreciation, renters insurance or renters food that has occurred over the years to insurance, please contact Charlotte uninhabitable due to a covered Before you purchase a renters policy, hazard. lessen its value. Usually, the ACV Lopez at 360-709-1850 or clopez@ make sure you understand what these is lower than the market value, chehalistribe.org and she can assist policies really cover and how they Key difference your insurance premiums tend to be you. can protect you in unexpected ways. Essentially, the only real difference cheaper. Also, there are some key differences with a renters insurance policy is that „ Replacement cost value (RCV). If you rent from the tribe, we can compared to homeowners insurance it strictly covers the renter’s liability This would replace your make it part of your monthly rent that can help save you money in and the personal property inside possessions with similar items at to defer the annual out-of-pocket expense. premium payments and in bigger the apartment unit. The rest of the their current market value, so it Halloween Safety Tips „ One trick to staying safe on Halloween is to trick-or-treat with a friend, or Trick-or-Treating Safety friends. Halloween is the one night when kids take candy from strangers. Keep them An adult or an older child should accompany young children from door to safe by making sure they don’t eat any candy or other treats until an adult has „ door. inspected the loot. A few things to look for: „ Visit only houses that have lights on, and best of all visit only the homes of „ Check for any signs of tampering, which could include poisoning or unsafe people you know. objects inserted through wrappers. „ While out and about, stick to well-lit streets, preferably with sidewalks, to keep both kids and adults alike safe from traffc. „ Throw away any unpackaged treats, including popcorn, apples and any small, unwrapped „ Walk (don’t run) from house to house to keep safe from cars and any candies. obstacles unseen in the dark. „ Any candy with a torn wrapper -- even a small „ Carry a fashlight to light the way as well as light you up for cars and other pinhole -- should also be tossed into the trash. trick-or-treaters. „ Parents of kids with allergies should also look at „ Costumes and shoes should both ft well and be easy to move around in. the ingredients of all treats. Have Safe and Happy H-o-w-l-aween!!! 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