My apartment is ruined. Now what?

What happens after there is a covered loss at your apartment?  Half of your stuff is undamaged, but the landlord says you can't live in the building while the damage is being fixed.  What happens next?

If you have renters insurance then you're probably in luck, there is coverage for the extra expenses you incur after a loss.  On most policies it's called "Loss of Use".

Porch Collapse

Here's a question that came into our inbox regarding the liability faced by having a porch at your apartment/condo....

Hi Dan:

I was listening to the radio as I was driving home last night and there was a story about a Chicago apartment's porch falling and injuring 10 people. Who would be liable in this case? Would it be the landlord since it's their property or could the renter be held liable as well? I have a porch and entertain quite often so I want to make sure I'm insured properly.

Thanks!

Condo Insurance FAQ

Across the broad spectrum of personal insurance policies and quotes you'll find homeowners on one end and renters on the other. Somewhere in themiddle is condo owners insurance.  You're responsible for more than just your contents, but for less than you would be if you owned a single family home.

There are a lot of ins and outs, so we'll tackle the most common questions and differences here.

Wear and Tear Not Covered

Prior to entering the insurance industry, I thought insurance covered any and all claims resulting from a loss. Boy was I wrong!

I was scanning the internet this morning and came across the blog linked below by Ryan Hanley of New York. The blog discusses wear and tear not being covered under your Homeowners Policy. I recommend you all take a look at this post as it provides helpful insight on what perils are covered and provides a great example of wear and tear on property.

http://www.ryanhanley.com/2010/09/10/wear-and-tear-is-not-covered/

Have Some Valuables? Personal Articles Coverage

Here's a question that came into Personal Insurance Answers:

I'm a 25 year old girl who my family finds to be picky and tough to buy for. Therefore, my family has resorted to purchasing jewelry for Christmas and birthdays as an easier solution. They know I'll like it, which I always do!

I've accumulated quite a collection over the years. So how do I insure my jewelry properly? Is it insured on my Renters/ Homeowners Policy under contents? How do I place a value on my grandmother's jewelry, that, in my eyes, is irreplaceable?

Personal Insurance Answer(s):

Your Homeowners Policy can provide some coverage, but with deductibles and limitations. A Personal Articles Policy might be a better option because it can provide the additional coverage that may be needed. Besides jewelry, Personal Articles Policies can also cover furs, cameras, musical instruments, golf equipment, fine arts, collectibles, sports equipment, and computer equipment.  It can be written as part of a homeowners/renters policy or it can be written separately. All the details of that are here.

Needless to say, I purchased a Personal Articles Policy to cover my valuables and have recommended my friends to do the same!

Auto Insurance: Rental Reimbursement

A common option on most auto insurance policies is something called "rental reimbursement" or "extended transportation expense".  Basically they help pay for a rental car should you not be able to use your own car. Typically the coverage is for 30 days, and the policy will give you a per day allotment ($30 or $40).

However, that doesn't mean you always get up to 30 days to rent a car when you don't have access to your own.  If you car is totalled in an accident you may have as few as five days of rental coverage before you're on your own.

Think about it, you've just been in an accident that damaged your car so much that the insurance company has deemed it a total loss.  You reported the claim, waited for the adjuster to make his decision and then realized you needed to start car shopping.  The clock is running.

This probably differs from company to company, but just be aware that you probably don't have a lot of time to make a decision.

Ask your agent for more information on your specific policy because you might be surprised.

Dan