Renter’s Insurance

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Personal Lines

As an independent insurance agency, personal lines is an important part of the products

and services we provide to our clients. We have the privilege of servicing over 12,000 personal lines policyholders. Our agency’s goal is to develop long-term relationships with all of these clients, providing the safety & security that is required to protect their personal possessions and the income flows of their families. The insurance carriers we represent are among the best and share our desire & commitment in servicing your financial needs. These carriers all have A (excellent) ratings by A.M. Best, a sign of financial strength and the ability to pay claims. Our clients can be assured that the carriers we represent are fiscally responsible and highly responsive to the needs of our clients in any claim situation.  Go to the page
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Life & Health Insurance

At Body-Borneman, we know that our clients have more than automobiles and homes

to protect. That’s why we organized our life and benefits department back in 1962. For over 35 years, we’ve been helping customers to protect their health, incomes and savings from the risk of financial loss, including: We pride ourselves in the abundance of products and services we have available to meet your insurance needs. We are staffed with professional agents at all 3 of our locations, who can assist you with any insurance need you have .  Go to the page
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Commercial Lines

Body-Borneman specializes in Commercial insurance, with over 2,000 clients

Regardless of whether your business is manufacturing, wholesaling, contracting, retailing or service, we can find and tailor a program to match your needs, whether through traditional insurance products – or more creative, self-insurance captive programs As an independent agency, Body-Borneman represents a large assortment of today’s most competitive carriers for many industries. Having ready access to these markets makes us uniquely qualified to tailor to your specifications a package of protection.  Go to the page
Companies We Represent

Welcome to Body Borneman Insurance

What is Renters’ Insurance?

A specific type of home insurance that safeguards the holder against accidents, damages and losses, that occur in a rented residence. Renter’s insurance provides coverage both for the insured’s belongings and for liability that may result from an accident in the insured’s home.
 Benefits of Having Renters’ Insurance

Benefits of Having Renters’ Insurance

Importance of Renters’ Insurance

One of the most occurring mistakes that tenants make is to believe that they have renters’ coverage. Tenants are usually convinced that renters’ insurance is too costly. However, the recurrent misconceptions associated with renters’ insurance that keep tenants from purchasing it can end up costing much more in the long run. It’s essential to always read the fine print in your lease. You may think that your landlord is responsible for damages caused by leaky roofs or broken appliances, but there could be a section in your lease that invalidates your landlord’s liability, such as; theft, or injuries to a guest visiting your apartment. Also, your lease may oblige you to obtain renters’ insurance, especially if you live in an expensive apartment. Regardless of whether or not it’s required, here are some common situations when renters’ insurance can really be useful to you.

Guest Injuries

If a guest slips and falls, trips, or has any other accident in your home, you may be responsible for injuries and medical bills, however, renters insurance coverage can prevent you from getting sued for someone getting injured in your home. It’s easy to presume that guests are safe in your house, but if they happen to injure themselves in any way, whether it’s severe or minor, the medical costs can get quite expensive. Remember that while renters’ insurance can cover medical expenses of guests injured in your home, you’ll need to do further consultation with the company to find out if they also offer medical coverage for you or anyone else who lives in the home.

Theft

In the event that your home gets burglarized, legally your landlord will not be held accountable for the break-in, let alone anything being stolen. Although in some states, landlords are compelled to provide minimum security measures. However, if a break-in occurs because the security wasn’t adequately dispensed, your landlord may hold some liability. Nevertheless, if your landlord isn’t culpable, the chances of recovering your valuables are predictably very slim. Renters Insurance will protect your stolen property as long as it’s listed on your policy and you meet the coverage limits.

Natural Disasters

Wildfire, tornados, and hail are just a few natural disasters that can damage or destroy majority of your rented home. The landlord however, may or may not repair the home damages and your personal property usually isn’t secured. Renters’ insurance, specifically the insurance coverage will protect you in the event that a natural disaster randomly transpires, but keep in mind that a few natural disaster coverage options are considered “riders,” (A rider is a supplication of an insurance policy that is purchased separately from the basic policy and that provides additional benefits at additional cost). For example, an accelerated death benefit rider (An accelerated death benefit allows the policy holder to receive cash advances against the death benefit in the case of being detected with a terminal illness. Many individuals who choose the accelerated death benefit have roughly less than one year to live and use the money for treatments and other costs needed to stay alive). The insured could benefit tremendously with these by paying for medical expenses and therefore increasing the quality of their remaining life. When the insured passes away, their beneficiaries will then receive a reduced life insurance benefit, since the rider allowed a portion of the policy to be used early.

Unnatural Fires of Short-Circuit Damage

It is essential to ensure that you acquire policy insurance in the event that fires due to electrical issues and short circuit damage occur, you can then legally be paid by the insurer. This however will strongly depend on the terms in your lease. If it’s not covered by your policyholder, you’ll be legally responsible for any damage, not only to your own belongings, but to the property as well. If you live in a multi-dwelling building and the fire spreads to other tenants’ apartments, you could be held accountable for damages to their belongings as well any property damage to their dwelling. This is a typical example of why insurance policies are beneficial to your well-being.

Damage You Caused Yourself

If you unintentionally break a window, which might result in ruined furniture during rain or an item being destroyed because of the lack of security, landlords are rarely, almost never liable for damage caused by your negligence. Home insurance can help you cover the costs of replacing or repairing your belongings. On the other hand, deliberate damage will not be covered by your insurance.

Other Coverage

There are additional coverage options available in most instances, including:

Sewer Drainage Damage

If a sewage drain gets clogged unexpectedly and in turn destroys your valuables, added sewer and/or drain backup coverage will protect your valuables. Insurance coverage will be the ones taking the risk to ensure that you’re covered in terms of getting compensated for your losses.

Extended Theft Coverage:

This type of coverage extends to stolen items that were not in your home. For example, you may have valuables in a storage room, your car, or a trailer which isn’t covered under basic renters’ insurance. This coverage does not apply to:

  • Money, bank notes, bullion, gold, gold ware,
  • gold-plated ware, silver, silverware, silver plated ware
  • pewter ware, platinum, platinum ware,
  • platinum-plated ware, coins, medals
  • scrip, stored value cards and smart cards
  • Securities, accounts, deeds, evidences of debt
  • letters of credit, notes other than bank notes,
  • manuscripts, personal records, passports, tickets
  • stamps regardless of the medium
  • paper or computer software on which the material exists
  • Jewelry and watches
  • precious and semiprecious stones
Typical Costs of Renters’ Insurance

The amount of renters’ insurance will mainly rely on the coverage, although it has a reputation of being too costly, the fact remains that renters’ insurance usually isn’t as pricey as most people presume.  Although rates will differ according to how much property you are covering, the type of coverage you obtain, the deductible amount and the state you live in, sources estimate that the cost of renters’ insurance averages only a few hundred dollars a year for $500,000 of liability coverage and $20,000 of property coverage. Additional coverage options and riders will cost more. There are precautions you can take that will help to reduce your costs. For example, many insurance companies will reduce the price of renters’ insurance if you install a fire and smoke detector, a burglar alarm, and a fire extinguisher.

What You Can Expect From Renters’ Insurance

It’s salient to remember that renters’ insurance is similar to auto insurance in the sense that your coverage will rely on the specific type of plan you choose. For instance, you can choose to cover only certain items that you feel are more valuable, such as a stereo system, computers, and expensive jewelry, or you can choose to cover all of your belongings. High deductibles can be set on the liability coverage you wish to purchase. When you choose the amount of coverage you wish to desire, your aforementioned damages such as guest injuries, theft and damages caused by you will most likely be covered by Body Borneman Insurance Services.

Information required when applying for Renter’s Insurance

Filling out a renter’s insurance application is straightforward and easy to complete. Some insurance agents do the work and ask you the questions over the phone. You receive the completed application in the mail, sign it and return it. General information required:

Personal Information such as:

  • Name, address and telephone number
  • Birth date
  • Gender
  • Social security number (to check whether you’ve filed claims in the past, and to run a credit report)
  • Marital status
  • Employment status

The number of questions you fill out is entirely up to you, as well as the minimum information your insurance agent requires in order to process your paperwork. For example, your insurance agent may not proceed without your social security number, because they might be content without a birth date.

Questions about Pets

Dogs being in the home will be a question you will get. However, it is sagacious to state that you don’t expect any coverage from an injury resulting in a dog bite, knowing that some renters’ insurance may not cover this type of mishap. Some insurance companies view dog bites as being extremely hazardous and therefore being too risky to provide coverage since it happens on a recurrent basis. Dog bites happen to be a common reason for a lawsuit among visitors and tenants in the apartment.

Backyard Animals

If you’re renting in a rural area, this question pertains to you, where it’s common to keep chickens, goats and other backyard animals. These are known as property, and the cost to replace them will be factored in. The application will ask you to list what you have, and how many you own.

Farm and Ranching Activities

To this question, however, most renters can say “no” on their renters’ insurance application because owning backyard animals is completely different from farm and ranching activities. If you are renting a farm and carrying out activities such that you’re holding yourself out as a rancher or farmer, this piece of the application does not apply to you. Again, this impacts renters in rural and farming communities.

Foundation of Manufactured Home

If you’re renting a trailer, the insurance company will need to know what year it was built, the length and width of the trailer, but the information that will be more relevant to your is whether or not the trailer rests on a stable foundation. Manufactured homes tend to be very risky to insure because of the potential for total deterioration in the event of a fire. A home that isn’t properly stabilized is even more risky because it can be easily destroyed in a natural disaster.  This information is mandatory when you complete your application, and some insurance agents will come by to take a photo of it.

Fire and Security Protection

You can expect to share information about fire protection in your apartment. These questions include:

  • Do you have smoke detectors?
  • Do you have fire extinguishers?
  • Is there a fire sprinkler system?
  • Does anyone in the apartment smoke?
  • Are there deadbolts on the front and back doors?

The way in which you answer those questions can affect the rate of your policy and ability to obtain the coverage you want tremendously. Take the steps you need to ensure protection in your apartment from fires prior to filling out an application for renters insurance, in order to get the best rates possible. Knowing the information required when applying for renter’s insurance beforehand will help you make any modifications necessary, so that your premiums are affordable.

Helpful tips to remember when buying Renter’s Insurance

o   One Lump Sum Could Save You

Paying a lump sum for the entire year can land you huge discount and everyone wants a discount or to pay less. Usually, most insurance companies will allow you to pay a monthly premium; however extra will be charged for the other installment plans. Sometimes up to $10 a month extra, in fact. In that case paying one lump sum payment would save you up to $120 over the year.

o   Understanding the Claims Process is Crucial

Filing an insurance claim is very important, therefore it is vital to ensure that you know exactly how to do so. It’s pivotal that you know the numbers to call, who you’ll need to speak to immediately and exactly what information you’ll need so that you can have that information readily available for you to use when filing your claim.

o   Evaluate the True Value of Your Personal Possessions

Buying renter’s insurance is the most ideal time to know exactly what your possessions are worth. Simply estimating can be detrimental because can cost you a lot of money and heartache. I reckon most people have absolutely no idea how much their possessions are actually worth. In fact, it’s said that the average person owns $20K in personal belongings. Truthfully, if you were to look around your home right now, you would never really know the exact amount or maybe a close guess. You must however take a thorough, fact-based inventory and list it.

o   Keep Your Inventory List Safe and Ready to Grab When Needed

It’s applicable that you go through and make an inventory of ALL of your belongings so that you have an accurate account of what you actually own. But don’t just make a list and then throw it away. That list should go somewhere safe (like a fireproof safe or safety deposit box away from the home) so that you can go right to it and refer to it if you ever need it. The truth is, it’s not easy to remember what you owned after things get completely damaged in a fire or storm. It’s much better to have a list to refer to and know for sure everything that you’re missing or everything that’s been damaged. This will save you a lot of time in filing your claim, which will get your stuff replaced much faster.

Compare Like For Like Policies

Most persons purchasing insurance would believe it’ll be much easier to get the lowest possible policy. However, price is not always the most important factor and buying an unsuitable policy with low coverage could be a lot less effective at protecting compared to a policy with all-inclusive cover. If you’ve decided to buy renters’ insurance, you must’ve already realized that in the event of one of the perils covered happens and then you stand to lose a lot if you don’t have it. Well if your policy doesn’t cover it, then there’s no difference between having a policy and not having one. Usually opting for the most comprehensive cover is not necessary, as it’ll cover a range of things that are incredibly unlikely to happen.

Ensuring that you put the same information when getting quotes from a company will be essential to you. That way the quotes will come back for the exact same amount of coverage you want. Small details could be changed on your claim and that can determine whether or not a company rejects or approves your claim so be aware that you look close at the fine print of your contract to ensure that the coverage is the same.

Check the Company

The quality of service is an indispensable factor when it comes to purchasing insurance. A straight forward and easy going insurance company is what most people anticipate when making a claim. Some insurance companies can make life unbearable when making a claim, but usually these companies can be found out really quickly just by reading a few reviews on the internet or just from word of mouth. It’s also worth checking how financially stable the insurance provider is. You should probably disregard smaller firms, as their services might be less reliable compared to a global firm.

Check for Discounts

Sometimes, some companies may randomly offer you discounts depending on factors such as where you live or your occupation. A lot of insurance companies also try to encourage you to use them for multiple insurance policies by giving you a discount if you take out multiple insurance policies with them. Maybe you need car insurance renters’ insurance and travel insurance. It could be that if you take out all three at the same time, they can give you a big discount. Regardless, it’s worth asking them and seeing if the price is negotiable at all, if you don’t ask you won’t receive, and the sales team usually have some versatility.

o   Understanding that your Typical Coverage may not Cover Everything and What to do About That:

You may need to purchase extra coverage for some of your items. With most insurance policies, there will be a restriction placed on some of your belongings of higher value. In other words, the insurance will only cover some things up to a certain amount. For instance, jewelry and electronics almost certainly have a cap. Therefore, if you have a piece of jewelry that’s worth much more than that and you want it covered, you’ll have to have “special” insurance to cover the additional costs. Another example would be a firearm. Your renter’s insurance may only cover up to a certain amount for firearms. However, if you have an antique firearm worth much more than what’s covered by your renter’s insurance, you’ll need to add extra or special insurance for that firearm. The entire idea is to make sure that you’re always fully covered for your item’s entire value.

o   Getting Paid for Living Expenses If Displaced

One of the most overlooked parts, yet the part of renter’s insurance that might come in the handiest someday is the “Loss of Use” element of your renter’s insurance coverage. This coverage pays for things such as hotel bills, temporary rent payments and deposits if you happen to get displaced while your property is being fixed or replaced. With loss of use you’ll have to be aware of whether or not you’re covered up to a specific dollar amount, or if you’re covered for a certain amount of time.

Loss of Use

Loss of use enables you with different living expenses if your home is damaged beyond repair. For example, hotel, restaurant, and other living expenses you incur because of the loss of your home are covered. However, there is usually a limit to the amount covered in loss of use, typically a set percent of your total renters’ insurance coverage.

o   Understand which Type of Coverage is the most Suitable

There are basically two types of renter’s insurance plans you can purchase. These are Actual Cash Value and Replacement Value. When you have something that’s damaged, ACV will take into account the depreciation and usage of your items. In other words, you’re not truly going to get back the value of what it will cost to go out and buy a brand new item. However, with RV insurance, you’ll get the exact amount it costs you to go buy a new item today. These are two different types of renter’s insurance and there will be a different premium for each. Typically the RV will be more expensive simply because the insurance company will have to pay out more if there’s a claim.

Create an inventory

To come up with the most accurate estimate for the value of your stuff, do a thorough inventory of everything in your apartment and list the estimated cost for replacing each item. Add it all up and make sure your renter’s insurance covers that amount. It sounds daunting, but it’s really not: just devote a rainy afternoon to hanging around your apartment, making a note of all the major items. It also helps to go through your receipts or email confirmations of online purchases.

Take Photos

Suggesting you stage a photo shoot for each and every last item is not your intention, but get pictures of your biggest, most valuable pieces: furniture, electronics, and so on. Open your kitchen cabinets and closets and snap a picture of the contents. Make sure to pull out anything especially valuable that you might want to get a close-up of.

Put it Somewhere Safe

Make a copy of your inventory and your insurance policy and store it somewhere safe that is not your house. This might be a safe deposit box at your bank, at a friend’s house, or in an online cloud storage system. Better yet, upload the photos online or burn a disc and tuck it away too.

Don’t forget to update

When you renew your insurance policy each year, be sure to make a note of any new items you’ve acquired and add them to your records.

What Would Normally be covered under the Landlord’s Insurance?

If there is a fire that only causes damage to one or two apartments in a building. The fire department opens up all the units to make sure that there are no more people or pets left inside or smoke billows into the apartment and causes damage.

Renters insurance can pay for all the personal belongings to be cleaned in this instance. For example, couches, clothes and bedding can be restored for free of charge minus the deductible. The landlord would have to pay for the walls and counters to be cleaned separately.

Ways to Save Money on Renters Insurance

Renters insurance is fairly standardized and can typically be hard for a relatively low cost. You can still save money by taking the following steps:

Compare rates

Comparing renters’ insurance rates from a variety of carriers is the fundamental rule of insurance shopping.

Bundle coverage

Renters insurance can be an almost negligible cost when added to auto insurance or other similar policies.

Shop Around

The most intelligent thing to do when trying to keep your insurance premiums at a low rate is to simply shop around. Whilst a lot of you may feel loyal to your insurance companies, let me assure you that a lot of them don’t see you in the same way. By shopping around, not only can you keep your prices low, but also keep the insurance companies competitive with their prices. Usually you’ll find that insurance companies offer new customers a better rate than old customers, this means that you really do need to shop around and keep being the new customer to make sure you’re paying the lowest rate for the appropriate amount of coverage you need.

Live in an Area with Lower Crime Rate

It might make sense to live in a bit of a revolting area to keep your bills and your rent as low as possible. However, not only are you more at risk of being injured, burglarized and mugged, it also means that your renters insurance will also increase. More risk in the place you live means the larger the likelihood that the insurance company will have to pay out. They know this, which is why they increase the prices accordingly. A cheaper apartment is usually more receptive to being broken into simply because it doesn’t have the safety measures that more uptown market places have. Things like central alarms and double locks are usually not available.

Buy Less Expensive Stuff

You have to declare the cost of things under your rented room, if you give a lower total that means your premiums will be lowers because any potential damage to your property will cost the insurance company less money to replace or repair. Whilst it may be seen as a sacrifice to be limited on how much you can spend on things, it is a healthy habit and will keep your bank balance looking good.

Raise your deductible

A deductible should be as high as you can afford to pay out of pocket, it could be from $300-$500 for most people.

Purchase an umbrella policy

What is umbrella insurance?

An umbrella policy was created to provide additional coverage when a lawsuit brought over injuries and/or property damage that you cause exceeds the liability limits on your car insurance and home insurance.

Advantages of Umbrella Policies

An umbrella policy has three advantages.

  • It provides additional lawsuit coverage of $1 million or more.
  • It provides added coverage for defense costs, which can easily amount to $100,000 or more.
  • It provides liability coverage for some lawsuits not covered by your underlying auto or home insurance.

If you’re sued over an incident involving a boat you rented on vacation, a car you rented in Europe, or even your work on a nonprofit board of directors. Everyone concerned about losing income or assets in one large lawsuit needs an umbrella policy. An umbrella insurance policy is intrinsic in the insurance business. It costs only about $150 to $200 for the first $1 million of coverage, then about $100 for each additional $1 million. Getting this policy will save you money comparative to the coverage you get but it will generally cost you more. Personal injury or loss of property lawsuits can escalate into millions as a result of individual negligence. Protecting yourself against these astronomical risks can be an affordable way to dramatically extend your renters insurance coverage.

Do I Need Receipts to Prove a Loss?

Insurance companies have literally millions of products and their values in a database. Often, a video of your belongings you want covered should be adequate for a fair estimation. If you believe it’s necessary to hold onto every receipt then do so, just ensure you keep them safe. Remember that documenting your personal inventory should ideally be done before a loss occurs. Write a list of your items and your assessed values in advance to streamline the claims process down the road. Remember that some insurers only cover Actual Cash Value instead of replacement costs.

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