Make sure your car insurance coverage reflects your individual needs and budget. The following are questions you need to ask and know when shopping for car insurance in Lake Charles, Louisiana.
The car or truck you own, your priorities, and your finances factor into your distinctive car insurance needs. Before evaluating insurers and policies, consider how you use your car and the risks you face to understand the options that make sense for you.
1. What type of car do you drive?
Insurers have compiled data on every model of vehicle and know the precise details of which brands, makes, and models are likely to encounter frequent claims. The powerful sports car is more likely to be stolen and is more expensive to repair than a mid-sized sedan, and your insurance premiums will be levied accordingly. Certain models of cars, such as modified motorcycles, trucks and classic cars require additional or specialty insurance. While discounts are offered for newer cars with high safety ratings and features.
2. Is your car financed or leased?
If you have financed or leased your car, the lending and leasing institution usually requires you to carry insurance for the vehicle's full value and may require you to purchase gap insurance. Gap insurance is specialty insurance that covers the difference between the market value of the vehicle and what you owe on the vehicle. Comprehensive/Collision insurance will cover up to the market value of damage to your vehicle in the unfortunate event of incident or accident, where specialty (or supplemental) gap insurance covers anything above market value.
3. How many miles do you drive?
Do you drive to and from work, pick up children from school and after school activities? Are your accumulated miles driven 100 miles a month or closer to 500 plus miles a month? Your insurance policy should reflect how often you drive your vehicle. If you drive infrequently, you might qualify for a lower cost mileage-based insurance.
4. Additional car drivers?
In most cases, your insurance policy covers an occasional driver. However, if someone in your household drives your car more than occasionally, they should be added to your policy.
5. Do you use your vehicle for work?
If you are paid to perform duties that require you to drive after arriving at work, chances are you need a commercial vehicle insurance policy. For example, if your full-time or side business is as an uber driver or pizza delivery, personal insurance does not cover commercial activities.
6. Is vehicle appearance important to you?
If your chosen vehicle is something you take pride in and appearance is important, you will likely wish to restore it to pre-accident condition. In this case, full coverage auto insurance that includes comprehensive and collision is the correct choice. However, if you purchased a cash car and view your vehicle mean-to-an-end you could consider starting a savings account to bank the additional premiums you could save by purchasing liability only. Keep in mind liability only covers the other vehicle or incident up to policy limits; your vehicle repairs will be out of your pocket.
7. Where does your vehicle reside?
Where you keep your vehicle impacts your insurance premiums and it factors into the coverage you choose. If your parking space is on an urban street, you face a more considerable risk of vandalism, theft, or accident, and comprehensive collision might be a better choice for you. Your address and parking play a large role in premiums.
8. What is your state legal obligation
Every state has a legal insurance requirement, and the legal policy limit varies from state to state.
To maintain your license and drive a vehicle, you must carry your state's minimum liability insurance. But, If you choose to carry only your state's minimum liability, you run the risk of litigation for the difference between the accident's value, including medical bills, against your personal assets.
Many Louisiana residents find that carrying a higher level of coverage is worth the minimal difference in premiums to protect their personal assets. Once you have answered the questions above, you should better understand your car insurance requirements; then, all you need is an agent's assistance to find the coverage you need at the best price. Are you looking for car insurance in Lake Charles, Louisiana? Call the team at Kelly Lee Insurance; their firm represents over insurance carriers across the United States.
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Since the first insurance policy was written in 1752 by the Philadelphia Contributionship, citizens have relied on their insurance policy for financial protection in times of misfortune. Your insurance policies should provide you comfort from the unpredictability of life. However, insurance policies should evolve as your life changes.
Your insurance may not be sufficient in a time of need if you don't evaluate it regularly.
As your family and finances prosper, your insurance needs change. Therefore, reviewing your insurance policy on a yearly or biannual basis would be a wise decision.
We bring five milestones to your attention below and suggest, at a minimum, reviewing your insurance policy at each juncture.
1. Changes in your family
Many individuals invest in personal life insurance as soon as they start earning. Most designate a family member as beneficiary. If you don't currently have life insurance, we recommend looking into a life insurance policy if you are considering marriage.
If you currently have a life insurance policy at the time of marriage, you will want to consider making changes to your policy beneficiaries.
If you are planning to start a family, or if a baby is on the way, you will want to reevaluate your life insurance plan to include their financial well-being. As the number of new family members grows, so may the changes in your insurance needs. Consider every new life event an opportunity to review your insurance policies to effectively protect your loved ones in the event of catastrophic loss.
2. Purchase of a new property
When you purchase a new home or invest in real estate, you will want to consider how your family would pay the mortgage if one of you were not there. The purchase of new property, new car, or investment in rental properties are financial ventures where a life insurance policy can protect your family. Keep all your financial obligations in mind when determining life insurance needs and adjust your insurance policy(s) accordingly. You will want to find an insurance agent that understands your needs and will check with you annually to ensure your family security insurance Louisiana is sufficient protect your family.
3. Promotion or a change in job
A new job can quickly increase or decrease your annual income, thereby prompting you to reconsider your liabilities. Your liability insurance needs may increase as your standard of living does. Take this opportunity to ensure your family's standard of living will be maintained if the unfortunate happens.
4. Changes in your physical and mental health
Every person chooses the most appropriate life insurance policy to suit their family size, their financial position, as well as their health conditions. Health and age play a role in life insurance premiums; if at the time of purchase you were involved in unhealthy habits but changes were made, your life insurance agent in Lake Charles Louisiana might be able to have your rates lowered.
In such circumstances, you might consider investing in a policy at a premium and have it reevaluated to lower rates as you take better care of your health. Evaluation of all aspects of your life and review of your policy(s) by a family security insurance company in Louisiana will work in your favor.
We at Kelly Lee Insurance, a family security insurance company in Louisiana, can assure you an in-depth review of your insurance policies to help you keep your family financially secure in the event of the unthinkable. Contact our office a comprehensive quote on family security insurance Louisiana!
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If you are running a business, you should know why Louisiana workers compensation is crucial to protecting your business. It doesn't matter the type of business you are running or your business's size; understanding worker insurance basics is necessary for every company with employees.
Most business owners understand the basics of worker compensation; which is to compensate workers if they are hurt on the job. But did you know that this is just one aspect of Louisiana Workers comp Insurance? In this post, we are going to look at some of the most important facts about Louisiana worker's comp insurance.
Workers Compensation Insurance can protect your company from time-consuming lawsuits after an accident.
Before the introduction of the worker's comp insurance in Louisiana, employees that were injured on the job were paid directly by the employer, and such cases were mostly settled in court; This resulted in companies losing billions of dollars, and the process was onerous. With the introduction of workers compensation insurance in Louisiana, companies were removed from direct involvement in the payment of compensation.
Employees obtain compensation for the loss of wages and medical bills.
Injured employees that require extensive recovery receive a percentage of their salary during the period they are recovering from their injury. Through the compensation insurance program, the employees are compensated for temporary partial disability and temporary total disability to sustain the employee during the recovery period. In addition, the injured employee will also receive medical coverage for all reasonable medical expenses.
Worker's compensation negates lawsuits.
Worker's compensation is a sort of trade-off for the employees and employers. An employee who has been injured while on the job will receive compensation for the loss of wage and medical expenses removing the need to sue the company for the injury. But this should not be construed as the employee can never sue his or her employer. If the injury was due to lack of employer safety precautions, or reckless endangerment of the employee, intentional or otherwise, then the employee can pursue additional compensation in court.
Not every employee is covered by workers' compensation.
State laws vary on workers' compensation. Some states require workers compensation for businesses with one or more employees while others require the purchase at different levels of employment or the risk associated with the job, etc. Many states do not require or provide workers compensation insurance for seasonal or volunteer workers, including farmworkers. If you own a small business, it is best to consult with your state's employment governing body or a worker's compensation provider to understand worker compensation status in your area.
All incidents are not covered.
There are many incidents of injury on the job that are not covered under the worker compensation insurance. If an employee is found under the influence of alcohol or drugs at the time of the injury, then his benefits under worker compensation will be forfeited. In addition to this, if an employee is found to have intentionally hurt him or herself to obtain compensation, his or her rights under the insurance policy are also forfeited.
Understanding worker compensation insurance is as necessary as buying it from the right worker's compensation provider - like Kelly Lee Insurance. Use this blog post as your guide to worker compensation and know your rights and responsibilities as a business owner.
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There are many small and medium-sized businesses that opt for commercial auto insurance for different types of company vehicles like trucks and cars. Many teenagers take-on driving jobs to support themselves. If the company owns a vehicle that these teenagers drive, it becomes mandatory to apply for commercial auto insurance Louisiana to limit their liability. However, if you are running a small-sized business and using your personal vehicle, then you may not need commercial auto insurance.
The commercial auto insurance Louisiana that you will buy for your firm with teenage drivers will be considerably different from what is offered by auto insurance companies in Louisiana. And this is why it is crucial to understand the differences between commercial auto insurance and affordable auto insurance Louisiana.
So, let’s go through the top 5 facts that you need to know about commercial auto insurance, especially if you are engaging teenage drivers.
Commercial auto insurance is never a ‘maybe’
If you try to get away with regular auto insurance while owning a commercial truck, then you are putting yourself in trouble. Commercial auto insurance doesn’t only protect the truck, but it also provides financial protection for the driver.
The protection of the person driving the truck is what matters the most and this is why even after being complicated and a little bit costly, commercial auto insurance is a must.
Never trust if it’s too good to be true
Many auto insurance companies in Louisiana use industry jargon when describing commercial insurance Louisiana that can be hard to decipher, making you believe that you are getting more than average insurance benefits.
Many insurance companies do this in order to hide the real coverage of the insurance policy and if you want to stay away from such traps then the one thing that you will need to do is to analyze the payment of claims by the company and look at the history of the company.
Your driver is always a big part of the auto insurance policy
Do not believe in the common misconception that teenagers can’t be good drivers, a history of good driving experience isn’t the only thing that matters as your driver is responsible for taking care of your vehicle. By going through the driving record, you can learn a lot about the professionalism and skills of the driver that you are choosing.
If a driver will have a bad driving record then it can turn out to be a nightmare for the auto insurance company as they will always be a high risk for claims and no insurance company will be interested in it. This is why you will need to hire only those drivers that have good records.
Insurance companies are fond of recordings
If you are working with an reputable insurance company, they will fight for their clients. You can make things easier for insurance companies and yourself by providing a clear picture of the accident. The recording of any truck collision can make or break the claim and this is why you will need to be earnest about it.
Working with the right commercial auto insurance company will allow you to offload the hassle of keeping your truck and the driver protected. An ideal commercial auto insurance company like Kelly Lee insurance will make the claim process easier and keep you protected through an affordable auto insurance Louisiana.
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Buying an automobile, the next thing the auto owner would need to do is purchase auto insurance. While many first-time auto owners in Louisiana are concerned with finding the lowest premium, it might not be an appropriate decision. The cheapest car insurance in Lake Charles LA does not ensure adequate protection in the event of an accident or incident. You will be better served speaking an experienced agent that takes the time to understand your needs before purchasing car insurance from one of the many insurance companies in Louisiana.
Kelly Lee Insurance, an affordable auto insurance agency in Louisiana has expanded to over 50 carriers to provide its customers with quality options and affordable insurance.
We share below tips on reducing your auto insurance costs:
Compare Insurance Costs Before You Purchase Your Car
Don’t wait until you purchase a vehicle to shop the insurance for it. When it comes to auto insurance, the car's price, cost to repair, safety records and likelihood of theft impact your rates. Insurance discounts are available for cars with built in safety features, high crash ratings and lower risks of theft. Get the most affordable auto insurance in Louisiana by comparing it with other insurance providers.
Look for higher deductibles
While looking for auto insurance, compare higher deductibles. By deductible, we infer the amount that you need to pay out of pocket before your policy kicks in. The advantage of the higher deductible is that you can lower your premium costs substantially. For instance, if you pay a $1000 deductible instead of $500, you can reduce your comprehensive coverage cost by 15 to 30 percent. A point worth keeping in mind is that you need to be able to pay the deductible in the event of an accident or incident. Consider putting the savings from a higher deductible into a savings account.
Keep a good credit score
A good credit score has a positive impact on your insurance premiums. Insurance actuaries have shown that individuals with a good credit score submit fewer claims, maintain insurance, and pay their premiums. Timely payment of your bills tends to lead to a good credit score. Keeping a low balance on your credit cards, while making consistent and timely payments is known to have a positive impact on your credit score. Conversely, high balances on credit cards tend to have a negative effect on your credit score. You can keep track of your credit score with sources such as CreditKarma for free. You can sign up for suggestions for improving your credit score and notifications when something negatively affects it.
Low Mileage Discounts
To get affordable auto insurance in Louisiana you can take advantage of low-mileage discounts. Low mileage discounts are provided by the insurance companies in Louisiana to those drivers who drive lower than average number of miles per year. If you have a low mileage rate, you can apply for low mileage discounts. These discounts can also be availed by drivers who carpool to work.
Don't Overlook Personal Accident Coverage
With a personal accident cover, you can rest assured of adequate protection against physical loss or disability due to an accident. Personal accident coverage can also protect passengers in your vehicle.
When shopping insurance coverage for a new vehicle, it is essential you consider your financial safety. If you pay cash for a new vehicle, consider how much you could pay out of pocket for another new vehicle if you were in an accident and totaled this one. An automobile is a substantial investment, and if you are financing the vehicle your lender will require you carry full coverage. While affordable auto insurance in Louisiana is becoming more and more difficult to find, Kelly Lee Insurance will shop for the coverage you need at prices you can afford.
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Workers comp insurance Louisiana covers traumatic injuries or any other illness that is faced during the period of employment. Louisiana workers compensation death benefits can be availed by employees across a wide range of industries and occupations. The major incidents witnessed as work-related injuries or diseases are as follows:
All in all, Louisiana workers comp insurance provides support and a degree of financial relief to the employees by providing the following benefits:
The workers comp insurance Louisiana offers pays for all costs for medical treatment that the employee had to incur due to the work injury or illness. The payments include hospital bills, medicines, medical equipment, doctor’s consultation, etc. Majority of the time, the amount spent on traveling to hospital and for regular visits with the doctor are also reimbursed.
Due to the injury or illness, many employees have to stay at home or get admitted to the hospital, because of which they miss work. This can cause a loss of salary or regular wages. However, Louisiana workers comp insurance can help the employee here, the injured or unwell employee receives earning benefits until the time he has recovered, or to the point he can resume working.
Permanent total disability benefits
In case the employee is permanently disabled, he or she can avail two-thirds of the regular wages during the entire period of disability. However, this is only applicable in case of severe injury or loss of arms, eyes, legs, hands or feet.
If a work injury or illness causes the death of an employee, Louisiana workers compensation death benefits can be availed by the deceased’s family members. This includes payment for medical bills, funeral expenses and other loss that the family has to bear.
How to claim worker’s compensation insurance?
While it might seem that one call can sort all your claims with the insurance, that is not what the scene is in reality. There are many hurdles along the way to availing the benefits and claiming your worker’s compensation insurance. Often, the claim can be denied or terminated and the helpless employee can not do anything about it, especially in the case where he or she is injured or unwell— and this can make it impossible to go to court meetings.
That is why it is important to contact an attorney to avail Louisiana workers compensation death benefits for yourself and your family. But if you want even more smooth experience, Kelly Lee Insurance is the place to secure worker’s comp insurance. Their professionalism and expertise can help you navigate your insurance claim.
More about Kelly Lee Insurance
As every state has different rules for worker’s compensation, here in Louisiana, the insurance is mandatory even if the employer has just one employee. This includes all categories of employees, whether full-time or part-time, on salary or wages. Kelly Lee Insurance, Louisiana workers comp insurance companies help manage all your risks. The independent agency has over 50 independent insurance carriers and offers all coverages at your convenience and affordability
Give them a call Monday-Friday 8 a.m. to 5 p.m. at (337) 656-2890 or write to us at email@example.com to know more details.
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Have you ever questioned why your auto insurance premium varies from what your friends and family members pay?
One explanation is car insurance policies are not one-size-fits-all. Factors like your driving history, how often and far you drive and where you live affect the cost of your auto insurance. Below are some of the leading factors that impact your auto insurance premium.
Your Personal Information and Driving History
Your gender, age, marital status, and whether you own a home all play a part in auto insurance premiums:
Credit History & Driving Record
Your credit history and driving record are two of the most impactful factors insurers consider when determining your premium. A safe driver with good credit tends to pay less than their counterparts. While a recent accident or infraction (such as a speeding ticket) on your driving record will cause an increase in your premium, the effects of past events will eventually decrease with time.
Age of Driver
Persons under the age of 25 have a greater risk of driving infractions and accidents than older drivers, which leads to higher insurance rates.
Gender is also a contributing factor to higher car insurance premiums. Statistically, a single man under 25 years of age has a greater risk of being involved in an accident and driving violations than their female equivalents.
Owning a home and being married indicates responsibility and stability. This tends to lead insurers to believe you are less likely to engage in high-risk driving behavior and more likely to keep up with payments.
Type of Vehicle
There are a few vehicle considerations that can affect your insurance premium costs:
The National Highway Traffic Safety Administration conducts safety tests yearly and rates new model vehicles on crash test safety and performance results. If the vehicle you are insuring has a below-average safety rating, you’ll more than likely pay more to insure it.
Maintenance Costs and Repairs
Unreliable vehicles, known as expensive to maintain and repair tend to have higher insurance premiums.
Make and Model
Vehicles depicted as dangerous or luxurious frequently have higher auto insurance premiums, usually because they are disposed to occupant injury, damage, or theft. If your vehicle is deemed higher risk of theft or vandalism, investing in a tracking or anti-theft device could lower your premium. While installing an anti-theft device may seem expensive initially, in the long run, it could save you money.
Urban living versus living in rural area can make a substantial difference in your auto insurance premiums. Generally, urban areas cause your premium to increase because more densely populated locations tend to have greater occurrences of theft, vandalism and auto accidents.
Where your vehicle is parked or stored can also affect your premium. Vehicles parked in garages are at a lower risk of theft and damage than those parked on the streets.
The way your broker helps you craft your insurance policy also determines your premium costs.
The following policy items have the greatest impact on your premiums:
Ways to Save on Insurance Premiums
Being a safe driver, have a clean driving record, being a good student, and bundling your auto policy with your other insurance needs (such as homeowners insurance) are all ways that you could receive discounts on your auto insurance. Discounts vary by insurance companies, but most reputable insurers offer these and possibly other incentives to their customers.
If you have questions or want a detailed breakdown of your car insurance in Louisiana, contact our Lake Charles Insurance professionals at (337) 656-0707.
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No matter if you are a weekend road warrior seeking adventure or looking for a cost-efficient way to get around town, there is nothing like riding a motorcycle.
As with any vehicle driven on a public road, you will need motorcycle insurance to protect yourself, your passenger, and others. Motorcycle insurance in Louisiana can range in rates and benefits, so you will want to shop around to find the best protection for your bike. Here a few things to understanding when shopping for motorcycle insurance in Lake Charles Louisiana.
Louisiana Motorcycle Insurance Requirements
At a minimum, Louisiana requires motorcycle owners to purchase a liability insurance policy. Liability coverage pays for damage to others’ injuries or damages to their vehicle if you cause an accident. The least amount of liability insurance you must buy is $15,000 for bodily injury or death to another person; $30,000 for bodily injury or death of two or more people, and $25,000 in destruction or damage of their property.
We suggest you consider buying additional liability beyond Louisiana’s state minimum to protect your assets in case the accident exceeds your limits. Minimum liability may not be enough to pay your legal expenses and claims if you are sued, and a plaintiff could go after your assets to make up the difference. Do check with your insurance underwriter to ensure your bodily injury liability policy covers passengers; some underwriters require a separate passenger liability coverage to insure them.
Another consideration is uninsured/underinsured motorist coverage. Louisiana drivers are known for carrying minimum insurance coverage; adding this coverage can help pay medical bills resulting from an accident caused by a driver who failed to carry insurance or who doesn’t have enough insurance. Uninsured/underinsured insurance can also include property damage but check with the insurer as you might need to purchase it separately.
Motorcycle insurance options
Coverage options for motorcycle insurance in Louisiana is similar to the standard options you’ll find for auto insurance. In addition to uninsured/underinsured motorist and liability coverage, most insurers provide these options:
Collision: Pays to repair damage to your motorcycle, minus the deductible you choose.
Comprehensive: Pays if your motorcycle is damaged or stolen in an event other than an accident with another automobile. An example would be a collision with and animal, your deductible still applies.
Medical payments (Louisiana MedPay): is a separate medical payments policy that pays for medical bills if you and your passenger is harmed in an accident. Unlike your personal injury protection, medical payments coverage will not cover lost wages and other associated costs. Clearly, riding a motorcycle comes with additional risks, no matter how vigilant you are. Medical payments coverage would come in handy especially if you or your passenger do not have health insurance, high deductible health insurance or simply not enough health insurance.
Most Insurance companies offer add-on options, although it varies.
Trip interruption coverage: Can reimburse you for transportation, lodging, and food if your motorcycle becomes disabled in an accident more than 100 miles for home (this number can vary, check with your insurer regarding the distance required for approved claims).
Coverage for custom accessories, equipment and parts: Louisiana insurers include various custom parts and accessories with your comprehensive and collision coverage – generally up to $3,000, this number can vary. However, for many riders, part of the lure of owning a motorcycle is customizing it. If the custom paint, chrome parts, or accessories you add are worth more than your motorcycle, you should consider purchasing custom parts coverage, available in increment up to $30,000.
Transport trailer coverage:
Most insurance companies offer protection for transport trailers up to $7,500.
Roadside assistance: This can be valuable as it includes labor and towing if your bike breaks down.
Motorcycle insurance lay-up periods
Most insurers offer what is called lay-up insurance for winter months when most drivers store their motorcycles away. Throughout the lay-up period, your motorcycle insurance in Lake Charles Louisiana will safeguard against theft and other events known to happen while your bike is stored. This coverage saves you money on your annual insurance policy. Keep in mind that insurance will not pay if you drive your bike during the lay-up period and are involved in an accident.
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As the name implies, commercial insurance protects businesses, including the owners and their employees. Since every business is different, there is not an across the board insurance policy for all small business owners.
For example, a frozen yogurt shop has different insurance needs than that of a car repair shop or a digital marketing company. That is why many small businesses select a business owner's policy (BOP), which combines general liability insurance, crime insurance, commercial property insurance, general and additional coverages in a convenient package.
A business owners policy might be right for your business if:
Commercial property insurance protects your business from a small to major loss.
Commercial property insurance can protect the future of your business by protecting the following:
General liability insurance helps cover attorney's fees, medical expenses, and damages you are found legally responsible. General liability insurance can cover defense costs, regardless of fault, and offers protection for judgments, court costs, and more.
GLI (General Liability Insurance) can be easily customized with a variety of options to best suit your business. Because business needs vary so widely, our agents work with you to determine the right type of commercial liability insurance for the various stages of your business. Endorsements are available to meet the specific needs of your business.
Who needs general liability insurance?
General liability insurance coverage provides protection against:
Incidents that are not covered by a standard general liability insurance policy:
Crime-related losses are not usually covered by commercial property insurance. You may want to consider purchasing a commercial crime insurance endorsement for the following:
Commercial insurance definition
Simply put, commercial insurance is a single policy or multiple policies designed to protect business, the owners, and their employees. Most basic business insurance policies include coverage for property, commercial auto insurance, liability, crime and optional insurance coverage:
Commercial insurance FAQs
When determining the insurance coverage, your business needs, consider the following:
Would you like information on commercial insurance in Lake Charles Louisiana for your business? Call our office to discuss your unique bunsiness insurance needs (337) 656-2890.
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Click here to ediWhile owning a home is the American dream for many, renting has an advantage. Renting relieves you of a dwelling's maintenance (think plumbing, electric, HVAC, roofing, and yardwork). Renting also does not tie you to a single location with a mortgage for 30 years. Still, most people do purchase expensive items that need protection from unforeseen circumstances - renters insurance is a way to do that.
Homeownership in the United States is at its lowest point in 51 years, more Americans are renting and need the protection of renters insurance, yet 60% of renters don't have policies, versus only 5% of homeowners who don't have homeowners insurance..
According to stats from the United States Census Bureau, homeownership peaked in 2004 at 69.2%, but only hit 62.9% in the second quarter of this year. This makes homeownership the lowest since 1965, the year the census bureau started tracking homeownership rates.
Why should you consider renters insurance?
The owner of the property you rent usually has property insurance, but this will not help you if disaster strikes. A property owner's insurance policy only covers the structure, not the contents of the home or building. A renters insurance policy covers the things that you own when a covered disaster strikes, such as water damage from a flood or leak, fire, smoke, lightning, windstorms, vandalism or theft.
In addition, renters insurance can cover more than your personal property. Below are seven additional coverages:
Living expenses after a disaster
If a disaster strikes and your rental unit is deemed uninhabitable during repair, a renters insurance policy includes "additional living expenses" coverage for temporary living arrangements. The policy coverage can reimburse you for the extra expenses, like the cost of a hotel or renting another apartment.
Medical expenditures for injured guests
If a guest is injured at your home, renters insurance can pay the medical bills up to the policy limits you sign up for. A typical renters insurance policy includes $1,000 to $5,000 in medical coverage, according to I.I.I. (Insurance Information Institute).
Damages your dependent causes to others
Renters insurance provides liability insurance to cover property damage or injuries you or a family members cause others. For example, if your toddler breaks your neighbor's antique vase, your renters insurance policy could pay to have it replaced.
Legal expenses in the case of litigation
If someone is injured on your rental property or is accidentally hurt by you or a family member and brings a lawsuit against you, the liability portion of your renters insurance would pay your legal costs and court awards, up to the insurance policy limits. As with homeowners insurance, you can choose your amount of liability insurance when you purchase a renters policy. Liability limits usually start at $100,000.
Most renters policies provide coverage on the off chance your dog bites someone, both at your home or off your property. But, do check with the agent providing the policy, as occasionally some underwriters exclude or can limit coverage for dogs.
Things you have borrowed or rented
Your renters policy can also cover items "in your possession." This can mean property you own or that you rented or borrowed.
Personal property away from home
Your personal items listed on the policy are covered away from home as well. For example, if a thief steals your laptop out of your car or steals your suitcase from a hotel room, it can be covered under your policy.
Off-premises coverage is limited to a defined percentage of your total coverage for personal items.
What to look for when shopping for renters insurance coverage
Consider how much renter's insurance coverage you will need before you purchase a policy. The question at hand is – how much can you afford to pay out of pocket to replace all of your items if they were lost to a natural disaster, stolen or if you were sued for liability. Then choose liability limits high enough to protect any savings and property you could lose if you were sued or natural disaster strikes. Then shop quotes from a number of insurers, be sure to include the insurance company that provides your car insurance. Most of the time, insurers offer multi-policy discounts of up to 20%.
Better yet, look for an insurance broker that writes for several insurance companies and allow the broker to shop renters insurance in Lake Charles Louisiana for you.
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