The insurance is generally not a priority for young adults to go to college or renting their first apartment. (It was not for us at the time, either.)
But as mom and dad always said, with freedom comes responsibility in this case, the responsibility for yourself, your property, and others to protect by taking renters and auto insurance policies.
"For many young people leaving home means taking new freedoms and develop a sense of responsibility," says Loretta L. Worters, vice president of the Insurance Institute information. "Part this new responsibility means to be properly insured to protect valuables "
the good news is that many young adults do not even need to take additional policies. and for those who do, some policies cost only pennies a day. This should be good news for young adults and people who taught them the many meanings of "safety first".
Protect your (temporary) home
Dorm residents and tenants of similar apartments should definitely schooled in insurance. young people who are not full-time students or who are over 24 years old will want to learn even more.
"When the children are in school, they are considered residents of the home of their parents and are covered to the full limit of the parents of the owners or tenant policy until that they are 24, "said Terry McConnell, vice president and director of REA in Personal Lines Underwriting. This is true for dorms and apartments as long as the young adult is a full time student and maintains residence in the house, that of their parents, they must have lived before moving directly away from their permanent residence.
Things are a bit sticky with students and full-time tenants who are not 24 or more. To protect the personal assets of the group against damage caused by fire, smoke, theft, vandalism, lightning and other common disasters, they will need to take out an insurance policy standard tenants, such as politics Tenantcover ERIE.
This policy provides coverage for personal property, loss of use (coverage that is triggered to take care of living expenses associated with temporary relocation), protection of personal liability and medical payments for damage or injury that occur in your rental unit or as a result of personal activities Away from home. And as a homeowners policy, you will have a global coverage that protects your property when you are away from home everywhere, whether in an exotic location or a friend across town.
Tenantcover protection (including protection responsibility), which starts at $ 100,000 and goes up to $ 1 million, usually costs less than $ 100 per year and costs much less when combined with a political self ERIE. It is recommended that tenants consider at least a limited personal liability of $ 300,000 and they opt for the replacement cost of the actual cash value.
"In a settlement of the real value of money, if something on TV that you have had for 15 years, you would have received the money he was worth with depreciation taken into account, "said McConnell. "With a resolution of the replacement cost, you will be able to buy a brand new TV There is a small difference in premiums between the two, but the value it offers its customers face a regrettable situation is important . "
Tips to keep your business safe
Even with the policy of a tenant in place, it still pays to practice some tips to stay safe and keep the claims in check. Here are a few to get you started:
- Safeguard items or more costly leave home Dorms and holiday experience up to 50 percent more incidents flight, with costly. bicycles, jewelry, watches and laptops are some of the greatest goals. So take care to lock or leave them in the confidence of residence does not have a high level of foot traffic.
Renters must also be aware that REA has a limit of $ 3,000 per item to cover things such as theft of jewelry and watches. So if a valuable asset worth more, be sure to take a personal inner marine additional driver (also known as a "floater") on policy.
- lock your doors. This seems obvious, but most dorm thefts occur during the day.
- Fireproof your home. do not leave candles, cigarettes and grids-the most common causes of fires abandonment. For safety, consider flameless candles, indoor grills and just kicking the habit.
- Electronic Burn. Graphics make it easier for the police to track down stolen computers, televisions and iPods.
- Create a home inventory. saving all receipts from major purchases, make a detailed list of valuables in your home, and photograph or videotape your belongings, an application will be easier and you 're more likely to receive reimbursement what is stolen or damaged. To make the process a breeze, the Insurance Information Institute offers free home inventory software online Know Your Stuff.
- Consider adding an identity recovery coverage to your policy. Young people are more likely to experience theft because of the extra time they connect to the Internet identity. Fortunately, for only $ 20 per year, REA will do the dirty work of restoring your good name and pay up to $ 25,000 in fraudulent charges to credit card if this occurs.
Insurance 101
there is no doubt about that insurance can also be scratching your head like a trick question on a final exam .
Although we can not do any less complicated, we can help more sense. To understand exactly how ERIE policies can protect you and give you peace of mind, we suggest you consult these resources ERIE:
The website ERIE -You'll find many no- nonsense information and glossaries insurance and an auto insurance quote tool free online life insurance calculator and many FAQ
The Eriesense archives -. Here, you can perform a keyword search to access each article on a given subject
.Your ERIE Agent- The job of the agent is to help you, do not hesitate to throw questions in its own way.
Another treasure of all things insurance is the Insurance Institute of Web information site
Young, Fabulous - and assured :. Part 2
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