Renting a House? This is How Insurance Claims Will Work for You

Renter’s insurance can protect you from losses and damages that are often out of your control. This can range from vandalism or theft, personal liability, and additional living expenses in the event that you need to temporarily locate due to covered peril i.e. fire, flood, and medical.

While renter's insurance policies often cover these often the coverage is not adequate beyond minimum needs. Understanding why and when extended coverage is a good choice will help you make the best-informed decision for your protection now and into the future.

If There Is a Loss to Your Personal Property

In the event that you need to make a personal property claim, it’s important to file a police report with your documented damages or lost items. If your property has been damaged, stolen, or vandalized, your renter's insurance will cover only the amount in your policy.

Be sure not to touch anything when documenting prior to the police report as the scene needs to be untouched for a proper investigation. When you file your renter’s insurance claim, your documented losses, and the police report can help you reclaim the highest amount. 

After submitting your insurance claim, the insurance company will conduct a renter’s insurance claim investigation. As part of their investigation, they will likely send an adjuster to assess the damages and losses. Hiring an independent adjuster may help secure and improve your renter’s insurance claim payout. 

Liability Claim

Personal liability insurance protects you from a claim or lawsuit against you for injury or the loss of property. Coverage extends to situations like dog bites, slips and falls on your property, or a fallen tree that has caused damage to somebody or their personal property. 

Liability insurance can also protect you if sued and have to pay out damages that occurred on your property due to negligence. In many cases, renter’s insurance will cover up to $100,000, but this amount can be increased within your policy. 

The Role of an Adjuster

When you make a renter’s insurance claim, review your policy prior to speaking with an adjuster. Make sure to provide as much detail as possible to aid your chances of getting the proper payout. 

An adjuster will document your insights as well as their findings and will review your insurance policy. They’ll determine whether or not you followed the steps needed to make the claim and what you will be reimbursed.

With TSO Adjustment Service, you won’t have to worry about who you might speak to regarding your insurance claim. Our agents and adjusters are on your side and will help guide you through the stressful and confusing process of insurance claims.

Final Steps

Once you’ve made your claim and spoken to an adjuster, they will come back with a cash valuation (“actual cash value” - ACV) that determines the payout for your renter’s insurance claim. For example, personal property theft would take into account the value of items, their depreciation, and the item’s condition.

Alternatively, replacement cost insurance will cover the lesser cost of replacing or restoring stolen or damaged items, without the above being considered. While you may get more money from this type of insurance claim, the premiums are often higher.

Protect Yourself Before it’s too Late

Speak with one of our agents at TSO Adjustment Service to determine the best insurance policy that aligns with your lifestyle and needs. Call us at 215-886-7440 or book an appointment online today.