Exclusions
Which artwork would be excluded from a policy: a Picasso painting, or a nice decorative vase?
A Picasso painting.
What does renters insurance do?
It provides protection against damaged or loss property.
What is reimbursement?
The repaying of lost money.
What is the average cost of renters insurance in MN?
$15-$35 a month.
What natural disaster, common to California, is excluded from most policies?
Earthquakes.
Does your landlord's insurance always completely cover your property?
No.
What is cash value?
The cost of property at time of damage.
What factors affect the cost of renters insurance?
Location, building size, and/or policyholder's possessions.
What personal items, typically worn, are excluded when above a certain value?
Jewelry.
What kind of factor may contribute to the price of your renters insurance?
Location, Size, and policyholders possessions.
What is replacement cost value?
The full cost of replacing old items with new items.
How many types of coverage plans are there?
3.
External water damage from disasters such as ______ are excluded from most plans.
Floods.
If living with roommates, does your renters insurance cover everyone's belongings?
No, each roommate should invest in their own renters insurance.
Which policy will reimbursement you without a deduction for depreciation?
Replacement cost value.
A $15,000 plan cost how much per year?
$133.
Many policies will exclude expensive hobby items. An example of this is...
Computer equipment, expensive cameras, or spendy collectible items.
When someone is harmed on your property, does your renters insurance cover those hospital expenses?
YES!!!
The Smith family has a plan with a $1,000 deductible. Their apartment roof caves in during a windstorm. The damage costs $15,000. If their Actual Cash Policy has a depreciation of $10,000, how much money will they receive for reimbursement?
$4,000.
How much does a plan costing $204 a year cover?
$50,000.