Insurance Annapolis

Why You Need Renter’s Insurance

/ Nadja Maril / Leave a comment

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Your camera is one of the personal items  that can be covered by a rental insurance policy.

Moving into your own apartment or rental house for the first time? There’s a lot to keep straight: utility bills, mail delivery, internet access. The process can be overwhelming, but don’t forget you’ll need property insurance. As you unpack your possessions and set up your new home take an inventory of what you’ve moved into your new residence. Items such as an  expensive camera. laptop computer, jewelry, ski equipment, clothing, furniture are items of value that should be insured.

Renter’s Insurance covers your belongings (clothing, books, CDs, furniture – everything) not only in your apartment but in your locked car and anywhere else you take them. It protects your things against fire and other occurrences beyond your control—including vandalism and theft.

If you thought about it at all, you may have thought insurance was the responsibility of the landlord. It’s not. The landlord’s policy covers the building only. It’s a renter’s policy that will help pay for the replacement of all your personal items.

It will also pay for an attorney and protect you in case someone gets injured while in your apartment and/or you get sued if damage caused by you impacts neighboring apartments.

Peter B.  Crilly & Associates, Nationwide Insurance can help you determine the amount of coverage you need and provide you with a free renter’s insurance quote. Renter’s insurance will protect both  your belongings and your liability exposure.. We’ll help you sort it all out. As with auto insurance, we’re big on discounts. We’ll make sure you take advantage of any discounts that are available.

How Much Home Insurance Do You Need?

/ Nadja Maril / Leave a comment

house__colonial_2How How Much Insurance is Enough?

House are usually  insured for their full replacement value.   This means that your insurance agent calculates the cost of rebuilding the exact same home at today’s construction prices in order to determine replacement value. To do this, he or she will measure the square footage of your building and take into consideration the materials used and the various features such as a fireplace, hardwood floors, full basement, and number of bathrooms. If you have some unusual and/or expensive, such as a luxury stove, imported tiles, or customized paneling you should tell your agent, so they can factor these features into the value of your building. It is important to notify your agent if you build an addition or make any substantial improvements to your home so that your improvements are completely covered by your insurance policy.

Premiums are calculated based on a home’s value and, thus, some homeowners, particularly if they have already paid off their mortgage,  may prefer to insure their house  for less  than the cost of a total rebuild, reasoning that  it is highly unlikely they will suffer a complete loss of property. According to insurance regulations, a home must be insured for at least 80 percent of its value in order for a policy to fully cover the loss.

One way to lower your premium is to raise your deductible. The deductible is your out-of-pocket expense, which you pay off the top when you make a claim. Deductibles can range from $100 up to $5,000. Insurance companies know that the larger the amount it that you are committed to paying yourself before making a claim, the less likely it is for you to make a claim at all. Thus, the premium on a larger deductible is much lower than a small deductible. Visit http://agency.nationwide.com/peter-b-crilly-in-annapolis-md to receive a free homeowner’s quote or call our office at 4140-571-1771- or 410-956-1111 to speak with an agent.